Oil prices rose on Monday, with Brent crude gaining 1.09% to $84.46 per barrel and WTI up 0.84% to $78.84. Iranian Foreign Minister Abbas Araghchi said Tehran is not in direct talks with the United States to end the war and reopen the Strait of Hormuz. Iran is demanding compensation and six conditions, including an end to the war and aggression against the country, before reopening the strategic waterway. The United States, however, insists on unrestricted freedom of navigation without Iranian approval or control. Houthi rebels in Yemen continue to threaten ships in the Red Sea and Bab el-Mandeb, entering the sixth month of the conflict.
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