Oil treads water as US-Iran peace talks stall, Hormuz shipping slows
SINGAPORE: Oil prices barely moved in early trade on Monday as tanker traffic through the Strait of Hormuz slowed over the weekend, with no peace deal in sight between the United States and Iran to end the conflict in the Middle East.
Oil prices remained relatively stable on Monday as tanker traffic in the Strait of Hormuz slowed due to ongoing US-Iran tensions, with no peace deal in sight to resolve the conflict. Brent crude futures rose 20 cents to $88.72, while US West Texas Intermediate crude fell five cents to $82.35, both showing gains of over five percent last week following attacks on tankers and a Saudi Aramco refinery.
Iranian Foreign Minister Abbas Araqchi stated that Iran had not decided to resume talks with the US, while US President Donald Trump encouraged Americans to accept slightly higher gasoline prices amid the ongoing conflict. Shipping through the strait slowed over the weekend, with only five vessels transiting on Saturday and none on Sunday, according to Kpler data.
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