Geopolitical Tensions Drive Oil Prices Up: U.S.-Iran Standoff in the Strait of Hormuz
Oil prices rose on Monday due to the ongoing standoff between the U.S. and Iran in the Strait of Hormuz, despite a ceasefire. Pakistani leaders are working to restart negotiations between the two countries. Iranian Foreign Minister Abbas Araghchi met with Russian President Vladimir Putin during his visit to Russia, which also included stops in Pakistan and Oman, a country that shares the strait with Iran.