Crude oil traded above $82 a barrel on Monday as investors weighed the uncertain outlook for the US–Iran conflict and the risk of supply disruptions. Renewed fighting in Lebanon and fresh attacks on vessels in the Strait of Hormuz fueled concerns that regional tensions could be prolonged, while stalled negotiations between Washington and Tehran dampened expectations for a swift diplomatic breakthrough.
Iranian Foreign Minister Abbas Araqchi said Tehran had not yet decided whether to resume talks with the United States, even as President Donald Trump urged Americans to accept somewhat higher gasoline prices as the confrontation drags on.
Shipping through the Strait of Hormuz slowed markedly over the weekend following the tanker attacks. Data showed that only five commodity vessels passed through the key chokepoint on Saturday and none on Sunday, compared with 31 during the previous weekend.
However, in the absence of significant, sustained supply outages, oil price gains remained limited despite the elevated geopolitical risk.
