US-Iran Tensions Send Oil Prices into Stagnation
Oil prices remain largely unchanged as tensions between the US and Iran continue to escalate. The US-Iran peace talks have stalled, causing a slowdown in tanker traffic through the Strait of Hormuz.
According to data from Kpler, only five commodity vessels transited the strait on Saturday, with none registered for Sunday, compared to 31 vessels in the prior weekend.
The attacks on tankers operated by Abu Dhabi National Oil Company have led to a surge in oil prices, with Brent crude futures climbing 20 cents, or 0.2%, to $88.72 by 2350 GMT, while U.S. West Texas Intermediate crude futures slipped 5 cents to $82.35 a barrel.
Despite the recent gains, market analyst Tony Sycamore notes that 'the status quo remains' and both sides remain firmly dug in, leaving the market to weigh the risk of tighter supply against workarounds and informal channels.