Oil prices were mostly steady on Monday, maintaining gains made last week, as prospects for a lasting US-Iran peace deal appear increasingly remote and fears of supply disruptions \u200bin the Strait of Hormuz are ever present.<\/p>\n\n\n\n
Brent crude futures were unchanged \u200bat $88.55 by 0128 GMT, while US West Texas Intermediate crude futures \u2060slipped 14 cents to $82.26 a barrel.<\/p>\n\n\n\n
Both contracts gained more than 5% last week \u200bfollowing attacks on tankers operated by Abu Dhabi National Oil Company in the Hormuz \u200bstrait and on a Saudi Aramco refinery.<\/p>\n\n\n\n
Over the weekend, Iranian Foreign Minister Abbas Araqchi said Iran had not decided to resume talks with the US, while US President Donald Trump urged Americans to \u200baccept slightly higher gasoline prices while the conflict continues.<\/p>\n\n\n\n
“Oil prices have now rebounded almost \u200bcompletely from the lows seen in early August, as hopes for a more permanent resolution between \u200cthe \u2060US and Iran have faded and geopolitical risk premiums have returned to the market,” said Priyanka Sachdeva, head of market insights for Phillip Nova in Singapore.<\/p>\n\n\n\n
“However, I see limited upside from here unless we get clear evidence of renewed aggression in \u200bthe Strait of Hormuz, \u200bparticularly material damage \u2060to tankers or oil infrastructure,” she said.<\/p>\n\n\n\n
Shipping through the Strait of Hormuz slowed over the weekend, data showed on Monday, following attacks \u200bon tankers. <\/p>\n\n\n\n
Five commodity vessels transited the strait on Saturday, \u200bwith none \u2060registered for Sunday, ship-tracking data from Kpler showed, versus 31 for the prior weekend.<\/p>\n\n\n\n
The United Arab Emirates accused Iran of attacking a third vessel operated by ADNOC that was \u2060transiting \u200bthe strait on Friday, the Emirati state news agency \u200bWAM reported, after blaming it for two other incidents involving ADNOC vessels in the strait on Thursday \u200bevening.<\/p>\n","protected":false},"excerpt":{"rendered":"
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