Oil Prices Rise as Iran Hardens Hormuz Demands

Crude oil prices began this week with a gain following a statement by Iran setting six demands for a peace deal with the United States and claims from the Houthis that they had struck an Aramco refinery in Jazan. At the time of writing, Brent crude was trading at $84.24 per barrel, with West Texas Intermediate changing hands for $78.70 per barrel. Both benchmarks are off their spring peaks but still elevated from pre-war times. Iran said over the weekend that it will only reopen the Strait of Hormuz if the United States meets six sweeping demands,…