US-Iran Tensions Keep Oil Prices Elevated as Strait of Hormuz Fears Persist
Oil prices remained steady on Monday, holding onto gains from last week as concerns over a lasting US-Iran peace deal and potential supply disruptions in the Strait of Hormuz persisted. Brent crude futures were unchanged at $88.55 by 0128 GMT, while U.S. West Texas Intermediate crude futures slipped 14 cents to $82.26 a barrel.
The gains from last week's attacks on tankers operated by Abu Dhabi National Oil Company (ADNOC) in the Hormuz strait and on a Saudi Aramco refinery are being sustained due to these ongoing concerns. Iranian Foreign Minister Abbas Araqchi stated that Iran had not decided to resume talks with the US, while U.S. President Donald Trump urged Americans to accept slightly higher gasoline prices as the conflict continues.
The Strait of Hormuz is a critical waterway for global oil supplies, and fears of supply disruptions have kept oil prices elevated. The recent attacks on ADNOC vessels have further exacerbated these concerns, leading to increased tensions in the region.