🔺Oil Prices Rise Amid Deadlock in Talks and Slower Transit Through the Strait of Hormuz

🔺Oil Prices Rise Amid Deadlock in Talks and Slower Transit Through the Strait of Hormuz

▪Oil prices increased on Monday, after expectations for reaching an agreement between the United States and the Islamic Republic faded, alongside slower tanker traffic through the Strait of Hormuz.

▪Brent futures rose by up to 1% to $89.40, while U.S. West Texas Intermediate oil also rose by 44 cents to $82.83.

▪Both indexes gained more than 5% last week. The drivers of this growth were attacks on oil tankers belonging to Abu Dhabi National Oil Company in the Strait of Hormuz and an attack on a Saudi Aramco refinery.

▪Based on tracking data from Kepler, only five commercial vessels passed through the Strait of Hormuz on Saturday, and no vessels were recorded for Sunday.