Oil prices edged higher on Monday as no progress was made on an agreement regarding the Strait of Hormuz over the weekend, while Houthi forces claimed responsibility for an attack on a Saudi refinery near the Red Sea. Both crude benchmarks rose nearly 3% at one point, with Brent reaching a high of nearly $84 per barrel and WTI climbing to $78.5 per barrel.

Odaily News: Oil prices extended gains on Monday as Iran and Oman failed to reach an agreement over the weekend on reopening the Strait of Hormuz, while Houthi militants claimed an attack on a Saudi refinery near the Red Sea. Both crude benchmarks rose nearly 3% at one point, with Brent hitting a high of nearly $84 per barrel and WTI reaching as high as $78.5 per barrel.

Haris Khurshid, Chief Investment Officer at Karobar Capital, said: "As long as the market is pricing in the 'possibility' of supply disruptions rather than the certainty of normalization, sentiment will remain bullish. Until we see actual oil flows return to normal, I believe geopolitical risks will continue to provide support for crude prices." (Jin Shi)