Oil Prices Rise, Iran Asks for Sanctions to Be Eased before Strait of Hormuz Opens

Illustration of offshore oil facilities. World oil prices rose after Iran put forward conditions to reopen the Strait of Hormuz. Illustration photo: Unplash.

JAKARTA - World oil prices rose on Monday after Iran set conditions for reopening the Strait of Hormuz. Tehran asked the United States to ease sanctions and pay war reparations before the strategic waterway was reopened.

Anadolu Agency quoted Monday, August 10, saying that the Brent crude futures contract for October delivery rose 1.09 percent to 84.46 US dollars per barrel. Brent is one of the world's oil price benchmarks.

Meanwhile, U.S. West Texas Intermediate or WTI futures for September rose 0.84 percent to $78.84 a barrel.

Iranian Foreign Minister Abbas Araghchi said on Sunday that the Strait of Hormuz would not reopen until Washington met a number of conditions, including easing sanctions and paying war reparations.

Araghchi also said Tehran was not currently in direct talks with the United States, even though Washington said an agreement was close.

"The Strait of Hormuz is essentially still closed," Westpac said.

Westpac said uncertainty was still high as the war involving Iran entered its sixth month.

Amid the turmoil in the energy market, Asian stocks remained strong. Japan's Nikkei 225 index rose 2.1 percent, South Korea's Kospi gained 0.7 percent, while Hong Kong's Hang Seng rose 0.6 percent.