Oil Prices Hold Steady Amid Ongoing US-Iran Conflict
Oil prices have stabilized at high levels after last week's surge of over 5% following attacks on tankers and a Saudi Aramco refinery in the Middle East. The conflict between the US and Iran continues to weigh heavily on markets, with no signs of a peace deal in sight. Despite this, Brent crude futures climbed 20 cents to $88.72 by 2350 GMT, while U.S. West Texas Intermediate crude futures slipped 5 cents to $82.35 a barrel.
US President Donald Trump has urged Americans to accept slightly higher gasoline prices as the conflict continues, but Iranian Foreign Minister Abbas Araqchi said Iran had not decided to resume talks with the US. The market is left weighing the risk of tighter supply against workarounds and informal channels, according to IG market analyst Tony Sycamore.
The Strait of Hormuz has seen a significant slowdown in shipping over the weekend, with only five commodity vessels transiting the strait on Saturday, compared to 31 in the prior weekend. The United Arab Emirates accused Iran of attacking a third vessel operated by ADNOC that was transiting the strait on Friday.