Hormuz Shipping Slows Amid Stalled US-Iran Peace Talks

Oil prices remained relatively stable in early trade on Monday as tanker traffic through the Strait of Hormuz slowed over the weekend, following no progress in peace talks between the United States and Iran.

Brent crude futures rose by 20 cents, or 0.2%, to $88.72 by 2350 GMT, while U.S. West Texas Intermediate crude futures slipped 5 cents to $82.35 a barrel.

The increase in Brent prices follows gains of over 5% last week after attacks on tankers operated by Abu Dhabi National Oil Company in the Hormuz strait and a Saudi Aramco refinery.

However, Iranian Foreign Minister Abbas Araqchi stated that Iran had not decided to resume talks with the U.S., while U.S. President Donald Trump urged Americans to accept slightly higher gasoline prices during the conflict.

According to shiptracking data from Kpler, shipping through the Strait of Hormuz slowed over the weekend, with only five commodity vessels transiting on Saturday and none registered for Sunday, compared to 31 in the prior weekend.