WTI Oil Prices Hold Steady Amid Ongoing Middle East Tensions

WTI oil prices remain near $79.00 amid ongoing Middle East peace talks and OPEC+ output expansion.

Shipping data on Monday revealed two tankers carrying Saudi oil successfully navigated the Bab el-Mandeb Strait out of the Red Sea, but traffic through the Strait of Hormuz slowed significantly due to reported vessel strikes.

The UK Maritime Trade Operations confirmed three additional tanker attacks since Saturday, highlighting the ongoing security risks in the region.

OPEC+ producers approved a modest increase in production quotas, completing the group's planned restoration of supply cuts introduced in 2023 and establishing room for further output boosts once the conflict in the Middle East reaches a resolution.