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Oil surged as Iran set sweeping demands before the Strait of Hormuz can reopen

Oil rose about 3% on Monday after Tehran said the U.S. must lift its blockade, end sanctions, and pay reparations before the strait can reopen

CHARLY TRIBALLEAU / Getty Images

Oil prices climbed roughly 3% on Monday after Iran set a broad list of conditions — including sanctions relief, war reparations, and an end to U.S. military threats — that Washington must meet before the Strait of Hormuz can be reopened to shipping.

By late morning, Brent crude futures were trading at $86.03 a barrel while U.S. West Texas Intermediate futures stood at $80.61 a barrel. Both benchmarks shed more than 7% over........

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