Oil Prices Hold Steady as Hormuz Shipping Slows Amid US-Iran Tensions

Oil prices remained relatively steady in early trade on Monday as tensions between the US and Iran continued to simmer. The Strait of Hormuz, a critical shipping route for oil exports, saw a significant slowdown in tanker traffic over the weekend.

Brent crude futures rose by 20 cents, or 0.2%, to $88.72 per barrel, while U.S. West Texas Intermediate (WTI) crude futures dipped by 5 cents to $82.35 a barrel. This comes after both contracts gained more than 5% last week following attacks on tankers operated by Abu Dhabi National Oil Company in the Hormuz strait.

US-Iran negotiations have stalled, with Iranian Foreign Minister Abbas Araqchi stating that Iran had not decided to resume talks with the US. Meanwhile, US President Donald Trump urged Americans to accept slightly higher gasoline prices while the conflict continues.