According to CoinMeta, oil prices rose on Monday as traders continued to assess the mixed signals regarding the agreement between the United States and Iran regarding the Strait of Hormuz. International benchmark Brent crude oil October futures rose by 1.09% to $84.46 per barrel, while US West Texas Intermediate crude oil September futures rose by 0.84% to $78.84 per barrel. Iranian Foreign Minister Abbas Araghchi stated that Tehran is not currently engaged in direct negotiations with the United States to end the war with Iran and reopen the Strait of Hormuz, despite earlier claims by Washington that an agreement was near. In addition, Iran demands compensation from the United States before re-opening this important waterway. The Strait of Hormuz will remain closed until the United States meets six conditions, including ending the war and aggression against Iran and its allies. However, the chairman of Iran's Supreme National Security Council, Mohammad Baqer Zolghad, stated that the United States insists that any re-opening must maintain freedom of navigation without Iranian approval, fees, or control. West Pacific Bank noted in a report that risks beyond the Strait of Hormuz remain high, with Houthi militants in Yemen continuing to attack and threaten shipping related to Saudi Arabia.