Hormuz Tensions Keep Oil Prices Steady Near $90
Oil prices remain steady at around $90 per barrel as tensions rise over the Strait of Hormuz, a key waterway for global oil shipments. The Brent crude futures price held unchanged at $88.55 per barrel on Monday, while US West Texas Intermediate (WTI) crude dropped by 14 cents to $82.26 per barrel.
The recent tanker attacks in the Strait of Hormuz and an attack on a Saudi Aramco refinery have contributed to the increase in oil prices, with both benchmarks gaining more than 5% last week. However, market analysts warn that renewed geopolitical risks may push oil prices close to their early-August levels.
The shipping activity through the Strait of Hormuz has slowed down significantly, with only five commodity vessels crossing on Saturday and no vessels transiting on Sunday, compared to 31 vessels during the previous weekend. The United Arab Emirates accused Iran of attacking a third vessel operated by Abu Dhabi National Oil Company (ADNOC) while it was crossing the strait.