Oil Prices Mixed Amid Ongoing US-Iran Tensions
Oil prices were mixed on Monday as investors weighed the impact of US-Iran tensions. The international benchmark Brent crude futures for October traded at $83.56 per barrel, up 0.01% from the previous close of $83.55.
US benchmark West Texas Intermediate (WTI) futures for September traded at $78.06 per barrel, down 0.15% from $78.18 in the previous session. The continued closure of the Strait of Hormuz and enforcement of a US blockade kept supply concerns in focus.
Finding a diplomatic solution between Washington and Tehran remains uncertain, with Iran's Foreign Minister Abbas Araghchi saying that direct negotiations are not currently taking place. Instead, mediators are trying to find new ways to negotiate, he said.
US President Donald Trump signaled on Sunday that he is prepared to rely on economic pressure rather than immediately launching a military offensive against Iran. He described contacts between Washington and Tehran as 'only semi-negotiating,' saying that Iran is in 'very bad shape' financially and struggling to pay its troops.