Oil rises as US-Iran peace talks stall, Hormuz shipping slows

Crude rose on Monday as prospects of a US-Iran peace deal dimmed and tanker traffic slowed in Hormuz, Business Recorder reported. Brent futures touched $89.40 a barrel, up as much as 1%, and stood at $89.20 by 0229 GMT. West Texas Intermediate gained 44 cents, reaching $82.83 per barrel. Both had climbed more than 5% last week after attacks on ADNOC-run tankers and a Saudi Aramco refinery.

Iranian Foreign Minister Abbas Araqchi said over the weekend that Iran had yet to settle on reopening talks with Washington. President Donald Trump, meanwhile, pressed Americans to tolerate slightly higher gasoline costs while the conflict goes on. Priyanka Sachdeva of Phillip Nova in Singapore said prices had nearly fully recovered from early-August lows as risk premiums tied to geopolitics came back. She added that further gains look limited unless clear signs of renewed hostilities in Hormuz emerge, particularly serious harm to tankers or oil infrastructure.

Ship-tracking data from Kpler showed traffic through Hormuz fell over the weekend, with five commodity vessels passing on Saturday and none on Sunday, against 31 the weekend before. According to Emirati state agency WAM, the UAE said Iran was behind an attack on a third ADNOC-operated vessel on Friday, following two earlier incidents on Thursday evening involving the company's ships.