Hormuz Shipping Slowdown Keeps Oil Prices Tense

Oil prices have remained relatively stable in early Asian trade on Monday, despite concerns over the impact of shipping disruptions through the Strait of Hormuz.

The latest development comes after attacks on tankers operated by Abu Dhabi National Oil Company (ADNOC) and an attack on a Saudi Aramco refinery, which led to a surge in oil prices last week.

Brent crude futures rose 20 cents to USD 88.72 a barrel, while US West Texas Intermediate crude futures eased 5 cents to USD 82.35, according to early Asian trade data.

The slowdown in vessel movements has heightened concerns over crude flows through the strategic waterway, which is used by a significant share of global oil supplies.

Data from ship-tracking firm Kpler showed that only five commodity vessels transited the Strait of Hormuz on Saturday, while no such vessels were recorded on Sunday, compared to 31 transits over the previous weekend.

The absence of a US-Iran peace deal has kept markets focused on the risk of tighter crude supplies, with President Donald Trump urging Americans to accept somewhat higher gasoline prices in the short term.