Oil prices steady as Hormuz talks face hurdles
- Oil prices were little changed Monday as markets weighed possible Strait of Hormuz reopening talks against ongoing Middle East supply risks.
- Brent crude traded at $83.74 per barrel and West Texas Intermediate traded at $78.21 per barrel.
- Iran said a potential Oman-mediated deal was progressing but linked any reopening of the Strait of Hormuz to additional U.S. conditions.
Oil prices were largely unchanged Monday as traders assessed possible progress toward reopening the Strait of Hormuz while monitoring continued Middle East tensions.
Brent crude futures fell more than 7% last week after reports that Iran and Oman were close to a potential agreement that could restore shipping through the waterway, which previously carried about one-fifth of global oil and liquefied natural gas supplies.
Brent crude futures were at $83.74 per barrel, up 19 cents, while U.S. West Texas Intermediate crude futures were at $78.21 per barrel, up 3 cents, as Iran maintained that additional conditions must be met before reopening the waterway.
Following the announcement, oil prices were largely unchanged, with Brent crude up 19 cents at $83.74 per barrel and WTI up 3 cents at $78.21 per barrel at 0807 GMT.
Iran said Sunday that an Oman-mediated agreement was in its final stages but stated the Strait of Hormuz would only reopen after Washington addressed issues including compensation related to U.S. attacks on Iran.
Additional supply concerns emerged after Iran-aligned Houthi forces reported an attack on Saudi Aramco’s Jazan refinery, while UAE oil company ADNOC said 15 of its vessels had been attacked while transiting the Strait of Hormuz since the conflict began.
