Continued shipping restrictions in the Strait of Hormuz and uncertainty over talks between the Islamic Republic and Oman have increased global oil prices. According to Reuters, Tehran has conditioned the full reopening of this waterway on accepting additional demands by the United States.

Brent crude rose 0.9% to $84.32 per barrel, and U.S. crude gained 0.7% to $78.74 per barrel. Officials of the Islamic Republic said that an agreement with Oman for new shipping routes has reached the final stages, but they linked the resumption of normal traffic to Washington’s acceptance of other requests from Tehran.

Reuters wrote that the rise in energy prices has once again drawn markets’ attention to the U.S. inflation report and the central bank’s possible decision regarding interest rates. Meanwhile, despite concerns about the Strait of Hormuz, Asia’s stock markets saw only limited gains due to a reduced likelihood of U.S. interest-rate hikes. Developments in the Strait of Hormuz are still among the most important factors affecting global energy markets.