Hormuz Uncertainty Keeps Oil Prices Volatile
Oil prices remained relatively stable on Monday after early gains dissipated due to ongoing uncertainty surrounding talks between Iran and Oman over reopening the Strait of Hormuz.
The Brent crude futures price was flat at $83.54 per barrel, while US West Texas Intermediate (WTI) crude futures slipped 0.2% to $78.03 per barrel by 06:43 GMT.
Iran's demands for compensation and concessions from the US have clouded progress in negotiations, with Iranian Foreign Minister Abbas Araqchi stating that no talks were underway between Iran and the US as long as Washington remained in breach of an interim deal signed in June.
The Strait of Hormuz is a critical waterway carrying about one-fifth of global oil shipments, and continued instability in the region has kept traders on edge.