Commodities
Oil Prices Hold Steady Amid Ongoing Tensions with Iran
Oil prices held steady on Monday after last week's gains as tanker traffic through the Strait of Hormuz slowed significantly over the weekend, with no peace deal in sight between the United States and Iran.
Brent crude futures rose 20 cents to $88.72 a barrel, while U.S. West Texas Intermediate crude slipped 5 cents to $82.35.
The slowdown in traffic through the strait was due to Iranian Foreign Minister Abbas Araqchi stating that Iran had not decided whether to resume talks with Washington, following attacks on tankers operated by Abu Dhabi National Oil Company and a Saudi Aramco refinery.
According to Kpler, only five commodity vessels transited the strait on Saturday, with none registered for Sunday, compared with 31 in the prior weekend.