Hormuz Shipping Slows Amid US-Iran Tensions

Oil prices were stagnant in early trade on Monday as tanker traffic through the Strait of Hormuz slowed over the weekend, with no sign of a peace deal between the US and Iran.

The Brent crude futures price climbed by just $0.20 to $88.72 per barrel, while U.S. West Texas Intermediate crude futures slipped 5 cents to $82.35 a barrel.

This follows attacks on tankers operated by Abu Dhabi National Oil Company in the Hormuz strait and on a Saudi Aramco refinery last week, which caused oil prices to rise more than 5%.

Iran's Foreign Minister Abbas Araqchi said his country had not decided to resume talks with the US, while U.S. President Donald Trump urged Americans to accept slightly higher gasoline prices while the conflict continues.