Oil nudges higher on Iran's conditions for Hormuz reopening

Oil prices climbed about 2% after Iran said the Strait of Hormuz could reopen only if Washington meets its conditions, tempering earlier optimism about a deal with Oman. Brent traded near $84.95 a barrel and WTI around $79.50, reflecting ongoing geopolitical risk as Iran demands compensation and an end to sanctions and threats. The backdrop included attacks in the region and continued tensions surrounding shipping lanes, which could pressure prices if progress stalls or recedes.