US-Iran Tensions Keep Oil Prices Steady

Oil prices remained largely unchanged on Monday as tensions between the US and Iran continue to simmer. The Brent crude futures price climbed by $0.20, or 0.2%, to $88.72 a barrel, while US West Texas Intermediate crude futures slipped by $0.05 cents to $82.35 a barrel.

The lack of progress in peace talks between the two nations has slowed shipping through the Strait of Hormuz, with only five commodity vessels transiting the strait on Saturday, compared to 31 in the prior weekend, according to shiptracking data from Kpler.

Iranian Foreign Minister Abbas Araqchi said Iran had not decided to resume talks with the US, while US President Donald Trump urged Americans to accept slightly higher petrol prices while the conflict continues.