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Oil climbs amid U.S.-Iran talks delay
Oil prices rose today, Monday, as hopes for progress in talks between the United States and Iran faded and shipping activity through the Strait of Hormuz slowed, fueling geopolitical concerns in the market. Brent futures increased by 1% to $89.40 per barrel, while West Texas Intermediate (WTI) futures rose to $82.83 per barrel. Shipping through the strait declined significantly after attacks on oil tankers, with five ships passing on Saturday and none on Sunday, compared to 31 ships during the same period last week. The UAE has accused Iran of attacking one of ADNOC's vessels passing through the strait, following similar incidents that caused material damage and heightened risks to global oil supplies.
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