Brent crude oil was volatile on Monday, climbing to $89.30 a barrel before easing to around $88.70, as investors weighed the uncertain outlook for the US‑Iran conflict and the risk of supply disruptions. Renewed fighting in Lebanon and attacks on vessels in the Strait of Hormuz reinforced concerns that elevated tensions could persist, while stalled talks between Washington and Tehran dampened expectations of a swift diplomatic breakthrough.
Iranian Foreign Minister Abbas Araqchi said Tehran had not yet decided whether to resume negotiations with the United States, while President Donald Trump urged Americans to tolerate somewhat higher gasoline prices as the conflict drags on. Shipping activity through the Strait of Hormuz slowed sharply over the weekend following the tanker attacks: data showed only five commodity vessels passed through the chokepoint on Saturday and none on Sunday, compared with 31 during the previous weekend.
Despite the escalation in geopolitical risks, the absence of significant, immediate supply outages helped cap further gains in oil prices.
