Hormuz Traffic Grinds to Near-Halt as Oil Prices Hold Steady

Oil prices remained steady in early trade on Monday as vessel movements through the Strait of Hormuz declined significantly. The slowdown follows attacks on tankers operated by Abu Dhabi National Oil Company (ADNOC) in the strait last week.

Kpler's ship-tracking data showed that only five commodity vessels crossed the strait on Saturday, compared to 31 crossings during the previous weekend. This is a fraction of the more than 130 vessels that typically cross the Strait each day.

The Iranian government has yet to decide whether to resume negotiations with Washington to resolve the conflict. US President Donald Trump told Americans to accept higher gasoline prices for as long as the conflict continues.