On Monday, oil prices surged amid ongoing uncertainty surrounding the reopening of the Hormuz Strait. While Iran and Oman are closing in on an agreement for a shipping lane, Iran’s demands for concessions from the U.S. linger. Adding to market tensions, Houthi rebels targeted Saudi Aramco’s Jazan refinery, igniting a fire, along with numerous attacks in the Red Sea and Gulf of Aden, raising serious concerns about oil shipment security.