Oil Prices Stable as Tensions Between US and Iran Escalate
Oil prices remained steady on Monday after experiencing gains last week, as tensions between the US and Iran continue to rise. The Strait of Hormuz has seen fewer ships passing through due to reported tanker attacks.
US President Donald Trump urged Americans to accept slightly higher gasoline prices while the conflict continues. Iranian Foreign Minister Abbas Araqchi stated that Iran had not decided to resume talks with the US.
Brent crude futures remained unchanged at $88.55, while US West Texas Intermediate crude futures slipped 14 cents to $82.26 a barrel. Specialists point out that oil prices have rebounded almost completely from early August lows due to fading hopes for a more permanent resolution between the US and Iran.
Priyanka Sachdeva, head of market insights for Phillip Nova in Singapore, noted that 'limited upside' is expected unless there's clear evidence of renewed aggression in the Strait of Hormuz, particularly material damage to tankers or oil infrastructure.'