Oil rises on Iran war stalemate; near-term potential for further gains seen limited
XLE•Talks remain stalled as shipping through Hormuz slows
Over the weekend, Iranian Foreign Minister Abbas Araqchi said Iran had not decided to resume talks with the United States, while U.S. President Donald Trump urged Americans to accept slightly higher gasoline prices while the conflict continues.
Iran's Foreign Ministry spokesperson Esmaeil Baghaei said talks with Oman were continuing and were taking a long time due to the complexity of the subject, the involvement of multiple actors and countries seeking to undermine the process.
Shipping through the Strait of Hormuz slowed over the weekend, data showed on Monday, following attacks on tankers. Five commodity vessels transited the strait on Saturday, with none registered for Sunday, ship-tracking data from Kpler showed, versus 31 for the prior weekend.
Before U.S.-Israeli attacks on Iran began in late February, the strait handled about one-fifth of global oil and liquefied natural gas supplies.
