Oil Prices Tread Water Amid Ongoing US-Iran Conflict

Oil prices remained relatively stable on Monday, despite concerns over tanker traffic through the Strait of Hormuz and ongoing peace talks between the US and Iran.

The Brent crude futures price climbed 20 cents to $88.72 by 2350 GMT, while U.S. West Texas Intermediate crude futures slipped 5 cents to $82.35 a barrel.

Tanker traffic through the Strait of Hormuz slowed over the weekend due to the lack of a peace deal between the two countries.