US-Iran Tensions Weigh Down Oil Prices as Trade Resumes
Oil prices remained steady at the start of trading on Monday, weighed down by uncertainty in US-Iran negotiations and recent attacks in the Strait of Hormuz. Brent crude futures rose by 20 cents to $88.72 per barrel, while US West Texas Intermediate (WTI) crude futures fell by 5 cents to $82.32 per barrel.
The recent attacks on tankers owned by Abu Dhabi National Oil Company led to a surge in oil prices last week, with both benchmark oil prices rising more than 5%. However, the uncertainty surrounding US-Iran negotiations has now taken center stage, causing oil prices to plateau.
According to data from Kpler, vessel traffic through the Strait of Hormuz slowed over the weekend following the tanker attacks. On Saturday, five cargo vessels passed through the strait, while on Sunday none were recorded, compared with 31 ships the previous weekend.