Hormuz Strait Tension: Oil Prices on the Rise

The weakening expectations for the opening of the Hormuz Strait and the conditions presented by Iran to the US have led to a rise in oil prices in the new week. In Asian markets, Brent oil rose to $84.4, while WTI increased by 0.8% to $78.8. Iranian Foreign Minister Abbas Arakchi stated that technical discussions are progressing positively, but this does not necessarily mean the strait will be opened. The main factor fueling market concerns about supply is Iran's stringent conditions for the strait's opening. Iran's conditions include the US ending its military pressure, lifting sanctions against Iran, and compensating for war damages by lifting the naval blockade. According to data from the US Energy Information Administration (EIA), the daily transport volume decreased from 20.7 million barrels in the last quarter of 2025 to 14.6 million barrels in the first quarter of 2026.