Oil prices climb as Iran ties Hormuz reopening to US concessions

Brent crude rose over 1% on Monday as Iran said the Strait of Hormuz will not reopen without major US concessions, including easing sanctions and war reparations. The strait, vital for global oil supplies, has seen shipping collapse since the war began, with only 8-15 daily transits versus about 130 before. Asian stocks mostly rose despite energy market volatility.