Oil holds above US$88 as Hormuz crisis keeps markets on edge

Oil prices held steady above US$88 a barrel on Monday as geopolitical tensions between the United States and Iran continued to cast a shadow over global energy markets. The uncertainty surrounding the Strait of Hormuz, where shipping traffic has been severely restricted due to attacks on tankers, has heightened concerns over potential supply shortages.

Meanwhile, stalled US-Iran negotiations and reduced shipping through the strategic waterway have kept traders on edge, with global availability remaining relatively stable despite the disruptions.

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