US-Iran Tensions Weigh on Oil Prices Amid Indirect Contacts
Oil prices were mixed on Monday as investors monitored indirect contacts between the US and Iran amid uncertainty over the possible reopening of the Strait of Hormuz.
The international benchmark Brent crude futures for October traded at $83.56 per barrel, up 0.01% from the previous close of $83.55, while US benchmark West Texas Intermediate (WTI) futures for September traded at $78.06 per barrel, down 0.15% from $78.18 in the previous session.
Iran's Foreign Minister Abbas Araghchi said that indirect negotiations between Washington and Tehran were ongoing, but direct talks were not possible until the US complied with the terms of a memorandum of understanding.
Araghchi also stated that talks with Oman on establishing a new maritime route through the Strait of Hormuz had made 'good progress and reached their final stage', but any reopening of the strait was subject to several conditions.