Middle East Tensions Limit Oil Price Gains Amid Ongoing Volatility

Oil prices were mixed on Monday due to a lack of progress in diplomatic efforts to resolve Middle East tensions. Despite some volatility, gains were limited as there was no major disruption to supply.

Brent crude futures rose 27 cents or 0.31% to $88.79 after hitting a session high of $89.40. US West Texas Intermediate (WTI) crude futures fell 24 cents or 0.29% to $82.16.

The recent attacks on tankers and oil infrastructure in the Hormuz Strait contributed to price gains last week, with Brent up over 5%. However, experts are now saying that prices may not move significantly unless there is a halt in supply through the strait or closure of another key waterway.