Oil rises amid uncertainty over U.S.-Iran Strait of Hormuz deal

This frame grab taken from AFPTV video footage on July 12, 2026 shows a cargo ship anchoring near the Strait of Hormuz off the eastern coast of the United Arab Emirates at Khor Fakkan. - | Afp | Getty ImagesOil rose early Monday, as traders continue to assess mixed signals from the U.S. and Iran amid worries that a deal between both countries to open the Strait of Hormuz may not be anytime soon. Futures for international benchmark Brent crude for October delivery gained 1.09% to $84.46 a barrel. U.S. West Texas Intermediate futures for September advanced 0.84% to $78.84 per barrel.Stock Chart IconStock chart icon BrentIranian Foreign Minister Abbas Araghchi said that Tehran is not currently in direct talks with the U.S. to end the war with Iran and open the Strait of Hormuz, while Washington earlier asserted that a deal is near.In addition, Iran has asked the U.S. for compensation as a condition to reopen the crucial waterway, according to a report by media outlet Independent. The Strait of Hormuz will remain shut until the U.S. meets six conditions, including ending the war and aggression against Iran and its allies, Mohammad Bagher Zolghadr, the head of Iran's supreme national se...