Oil prices hold steady as Hormuz shipping slows while Iran-US peace talks stall
Oil prices remained relatively stable on Monday as reduced shipping activity in the Strait of Hormuz raised supply concerns, and ongoing US-Iran peace talks showed little advancement. Brent crude rose 0.42% to $88.89 per barrel, while WTI crude increased 0.21% to $82.57. The decline in vessel movements follows sharp surges in the past week, following attacks on tankers by Abu Dhabi National Oil Company and a Saudi Aramco refinery.
Iran and the US continue to disagree on negotiations to resolve the conflict, with Iranian Foreign Minister Abbas Araqchi stating Tehran has not yet decided on resuming talks. US President Donald Trump called for higher gasoline prices while the conflict persists. The Strait of Hormuz experienced a notable drop in shipping during the weekend, with only five vessels crossing on Saturday and none on Sunday, compared to 31 the previous weekend.
The reduction in traffic comes after attacks on three ADNOC-operated vessels last week, with the UAE accusing Iran of the incidents. The waterway, which carries a fifth of global crude oil and liquefied natural gas shipments, has been crucial for oil transport, and the Bab el-Mandeb strait also saw lower activity due to a Houthi blockade of Saudi Arabia.
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