Crude oil rose to around $70 per barrel on Monday, staging a modest rebound from four-month lows after a wave of tit-for-tat attacks between the US and Iran over the Strait of Hormuz. Both sides have now agreed to suspend further strikes ahead of peace talks scheduled to resume later this week. The latest flare-up began on Thursday when Iran hit a container ship, triggering US airstrikes the following day. Washington carried out another round of attacks on Saturday after Tehran targeted a vessel carrying Qatari crude.
Separately, Axios reported that US and Iranian officials are set to meet in Doha on Tuesday to discuss the Strait of Hormuz and broader issues aimed at resolving the conflict. Despite renewed tensions, shipping traffic through the key chokepoint has increased since Washington and Tehran reached an interim peace deal. Even so, shipowners remain cautious, with hundreds of vessels still stranded in the Persian Gulf.
