WTI Prices Stable Above $81.50 Amid US-Iran Deadlock

WTI crude oil prices are hovering around $81.60 during Asian trading hours on Monday as traders weigh in on the US-Iran deadlock over the Strait of Hormuz.

The conflict has escalated, with Lebanon experiencing its deadliest day of fighting in months and Iran's Deputy Foreign Minister Kazem Gharibabadi urging President Donald Trump to accept defeat and stop making 'delusions' about declaring the waterway a 'territory of the United States.'

Russia is also facing fuel shortages due to Ukraine's near-daily attacks on oil refineries, adding to market uncertainty.

The release of the American Petroleum Institute's (API) weekly crude oil report later this week could provide some clarity, with a larger-than-expected draw in inventories potentially lifting prices.