Hormuz Shipping Slows as US-Iran Tensions Persist

Oil prices remained stable on Monday as tensions between the US and Iran continued to simmer. The Strait of Hormuz, a critical shipping lane in the Middle East, saw reduced tanker traffic over the weekend following attacks on vessels operated by Abu Dhabi National Oil Company (ADNOC).

Brent crude futures rose 20 cents to $88.72 per barrel, while US West Texas Intermediate (WTI) crude slipped five cents to $82.35 a barrel.

The price movements come after last week's attacks on ADNOC tankers and a Saudi Aramco refinery, which saw oil prices surge more than 5%.

US President Donald Trump urged Americans to accept higher gasoline prices as the conflict continues, while Iranian Foreign Minister Abbas Araqchi stated that Iran had not decided to resume talks with the US.