Oil prices opened higher on Sunday, driven by uncertainties regarding navigation through the Strait of Hormuz, located along the Iranian coast, and an anticipated agreement between the United States and Iran aimed at concluding the ongoing conflict. The Brent crude oil, an international benchmark, saw a 2.5% increase, trading at $105.6 per barrel by 7:40 PM (Brasilia time), while U.S. West Texas Intermediate (WTI) prices rose by 3%, reaching $101.52 per barrel.

This upward trend follows the oil's surge past the $100 mark on Thursday (12), closing at $103.82 on Friday (13). The recent spike has been influenced by growing fears of prolonged disruptions in energy markets, which have dominated trading conversations. The context of rising oil prices comes amid a series of declarations from U.S. and Iranian officials over the weekend, adding to existing market hesitations about the geopolitical stability of the region.

On Saturday (14), Iran's Foreign Minister, Abbas Araghchi, emphasized that the Strait of Hormuz remains open to all vessels, except for those associated with allies of the U.S. This statement is significant as the Strait is a critical chokepoint for global oil transport, and tensions surrounding security in this region can heavily impact oil prices. The market's reaction showcases how geopolitical events and diplomacy can influence economic conditions globally, particularly in the oil sector.