Hormuz Tensions Keep Oil Prices High, USD/JPY Slumps on Yen Strength

Oil prices have maintained their gains from last week as tensions over the Strait of Hormuz persist. The ongoing standoff has resulted in significantly reduced traffic through the key waterway, with only five vessels crossing on Saturday and none on Sunday.

Last week saw attacks on tankers operated by Abu Dhabi and a Saudi Aramco refinery, further exacerbating concerns over oil infrastructure security in the region.

President Trump has warned Americans to prepare for higher fuel prices, while Iran's Foreign Minister stated that his country will not resume talks with the U.S. The stalemate has left oil prices in a wait-and-see mode, with any signs of renewed aggression potentially pushing prices higher.