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Oil prices were little changed in early Monday trading as shipping activity through the Strait of Hormuz slowed sharply over the weekend, while the ongoing conflict between the United States and Iran showed no signs of reaching a peace agreement.
Brent crude futures rose 20 cents, or 0.2%, to $88.72 a barrel by 2350 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures edged 5 cents lower to $82.35 per barrel.
Both crude oil benchmarks gained more than 5% last week as escalating tensions in the Middle East raised concerns about global energy supplies. The rally followed attacks on tankers operated by Abu Dhabi National Oil Company (ADNOC) in the Strait of Hormuz, as well as an attack on a Saudi Aramco refinery.
Diplomatic uncertainty also continued to influence the oil market. Iranian Foreign Minister Abbas Araqchi said over the weekend that Tehran had not yet decided whether to resume negotiations with Washington. U.S. President Donald Trump, meanwhile, urged Americans to tolerate slightly higher gasoline prices as the conflict continues.
IG market analyst Tony Sycamore said the situation remains largely unchanged, with both sides maintaining firm positions. Traders are balancing the possibility of tighter oil supplies against alternative shipping arrangements and other channels that could reduce disruption.
Tanker and commodity vessel traffic through the Strait of Hormuz, one of the world's most important oil transit routes, fell significantly over the weekend. Kpler ship-tracking data showed that only five commodity vessels passed through the waterway on Saturday, while none were registered on Sunday. That compares with 31 vessels during the previous weekend.
Regional tensions intensified further after the United Arab Emirates accused Iran of attacking a third ADNOC-operated vessel traveling through the strait on Friday. The accusation, reported by Emirati state news agency WAM, followed two other incidents involving ADNOC vessels on Thursday evening.
With shipping disruptions continuing and no breakthrough in US-Iran negotiations, oil markets remain focused on potential supply risks and further developments in the Strait of Hormuz.
