Oil prices were little changed in early trade on Monday as shipping through the Strait of Hormuz slowed following tanker attacks, while there was no clear progress in US-Iran talks to end the conflict in the Middle East.
Brent crude futures rose 20 cents, or 0.2%, to US$88.72 a barrel by 2350 GMT, while US West Texas Intermediate crude futures slipped 5 cents to US$82.35 a barrel.
Both benchmarks gained more than 5% last week following attacks on tankers operated by Abu Dhabi National Oil Company in the Strait of Hormuz and an attack on a Saudi Aramco refinery.
The latest price movements came after Iranian Foreign Minister Abbas Araqchi said over the weekend that Iran had not decided to resume talks with the US. US President Donald Trump, meanwhile, urged Americans to accept slightly higher gasoline prices while the conflict continues.
The Strait of Hormuz has become a key focus for oil markets, with shipping activity slowing sharply following the tanker attacks.
Kpler ship-tracking data showed that only five commodity vessels transited the strait on Saturday, while none were registered on Sunday, compared with 31 vessels during the previous weekend.
“The status quo remains. Both sides remain firmly dug in and the market is left weighing the risk of tighter supply against the comfort of workarounds and other informal channels,” IG market analyst Tony Sycamore said in a note.
The United Arab Emirates also accused Iran of attacking a third vessel operated by ADNOC while it was transiting the strait on Friday, following two other incidents involving ADNOC vessels on Thursday evening.
With the peace process showing little progress and vessel movements through the world’s key oil shipping route slowing, markets remain focused on whether further disruption will tighten global crude supplies.
Reuters
