Oil prices edge higher to $88.7 amid Strait of Hormuz supply concerns

Brent crude futures were up 0.22% at $88.74 per barrel in early Monday trading, according to Mettis Global, while West Texas Intermediate was down $0.10, or 0.12%, at $82.30. Both benchmarks had risen more than 5% the previous week following assaults on ADNOC ships in the strait and on a Saudi Aramco refinery. Traders remain focused on the strait, where tanker movements fell over the weekend and raised fears of supply disruption as the United States and Iran continue their conflict.

Kpler ship-tracking data indicated that just five commodity vessels passed through the strait on Saturday and none on Sunday, down from 31 over the prior weekend, CNBC noted. The traffic drop followed Emirati claims that Iran struck a third ADNOC ship on Friday, with two earlier incidents on Thursday evening also blamed on Tehran.

Diplomacy remains uncertain, since Iranian Foreign Minister Abbas Araqchi said Tehran has not yet decided whether to resume talks with Washington. US President Donald Trump has asked Americans to accept somewhat higher petrol prices while the conflict continues. Traders are weighing supply risks against alternative routes and informal channels that could ease the effect of lower strait traffic.