Oil price climbs amid US-Iran delays

Oil prices rose noticeably, supported by stalled US-Iran negotiations and a slowdown in shipping traffic through the Strait of Hormuz, which heightened geopolitical concerns. Brent crude increased by 1% to reach $89.40 per barrel, while US West Texas Intermediate rose by 44 cents to $82.83. Both contracts had gained over 5% last week following attacks on tankers in the Strait of Hormuz. Iranian officials indicated that no decision has been made yet on resuming talks with Washington, while the US president called for tolerating a slight increase in gasoline prices.

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