Oil Prices Surge as US-Iran Peace Talks Stall and Hormuz Shipping Slows
Oil prices have rebounded after hopes for a U.S.-Iran peace breakthrough faded. The Brent crude futures rose by as much as 1% to $89.40 per barrel, while the U.S. West Texas Intermediate crude futures increased by 44 cents to $82.83 a barrel.
The rise in oil prices comes after a week of significant gains, with both contracts increasing more than 5% following attacks on tankers operated by Abu Dhabi National Oil Company in the Strait of Hormuz and on a Saudi Aramco refinery.
Iranian Foreign Minister Abbas Araqchi said over the weekend that Iran had not decided to resume talks with the U.S., while U.S. President Donald Trump urged Americans to accept slightly higher gasoline prices while the conflict continues.
Shipping through the Strait of Hormuz slowed down significantly, with no vessels registered for Sunday, compared to 31 for the prior weekend. The United Arab Emirates accused Iran of attacking a third vessel operated by ADNOC that was transiting the strait on Friday.