Oil Prices Rise on Strait of Hormuz Supply Concerns
Oil prices rose to $88.7 per barrel on Monday amid concerns about supply disruptions through the Strait of Hormuz. The waterway, a key shipping route for oil exports, saw a significant decline in tanker movements over the weekend.
The Brent crude futures contract increased by 0.22% to $88.74 per barrel, while West Texas Intermediate (WTI) crude futures fell by 0.12% to $82.30 per barrel. The recent attack on ADNOC-operated vessels and a Saudi Aramco refinery has raised concerns about potential supply disruptions.
Iran's Foreign Minister Abbas Araqchi stated that Tehran had yet to decide whether to resume talks with Washington, while US President Donald Trump called on Americans to tolerate higher gasoline prices during the conflict. Market participants are weighing the risk of further supply disruptions against alternative shipping routes and informal supply channels.