Oil prices remained largely unchanged on Monday. Brent crude gained 20 cents, or 0.2%, reaching $88.72 per barrel. Meanwhile, West Texas Intermediate (WTI) dropped 5 cents to $82.35.
The stagnation in negotiations between the United States and Iran was cited as the reason. Iranian Foreign Minister Abbas Araqchi stated that Tehran had not yet decided to resume dialogue. U.S. President Donald Trump, for his part, urged Americans to accept slightly higher gasoline prices.
Concurrently, tanker traffic through the Strait of Hormuz has slowed. According to Kpler, only five vessels passed through on Saturday, and none on Sunday. This contrasts with 31 vessels passing through just a week prior.
The situation was further aggravated by recent attacks on ADNOC tankers. The UAE accused Iran of attacking the company's third vessel in the strait. Similar incidents had previously occurred on Thursday and Friday.
IG analyst Tony Sycamore observed, "The status quo persists. Both sides remain entrenched in their positions, and the market is weighing the risk of supply disruptions against the possibility of bypass routes and informal channels."
How long will this equilibrium last?
