Oil Prices Unchanged as US-Iran Tensions Continue

Oil prices remained largely unchanged on Monday as tanker traffic through the Strait of Hormuz slowed due to ongoing tensions between the US and Iran. The conflict has yet to be resolved, with no peace deal in sight.

Brent crude futures rose by 20 cents, or 0.2%, to $88.72 per barrel, while US West Texas Intermediate crude futures fell by five cents to $82.35 a barrel.

The recent attacks on tankers operated by Abu Dhabi National Oil Company (ADNOC) in the Strait of Hormuz led to increased tensions and higher oil prices last week, with both contracts gaining over 5%.

However, with no signs of a resolution, shipping through the Strait of Hormuz slowed significantly over the weekend. According to shiptracking data from Kpler, only five commodity vessels transited the strait on Saturday, compared to 31 in the prior weekend.