Oil prices were little changed after Donald Trump said he was highly unlikely to order fresh attacks on Iran while talks progress. Brent rose 3 cents to $98.35 a barrel and WTI gained 0.5% to $91.30, as attacks near the Strait of Hormuz kept supply concerns in focus.
Brent rose 3 cents to $98.35 a barrel and U.S. West Texas Intermediate gained 0.5% to $91.30 by 0427 GMT on Monday. Brent fell 16% last week, its steepest weekly drop since the start of the COVID pandemic.
Trump said Sunday he was highly unlikely to order fresh attacks on Iran as long as talks to end the conflict progress. Both countries reported shipping had been hit in or near the Strait of Hormuz. Iran has said it would respond to attacks by striking U.S. and Israeli targets.
JPMorgan estimated that the global oil surplus widened from 1.1 million barrels per day in September to 1.4 million bpd in October, as recovering Middle Eastern flows, rising production elsewhere and weak demand pushed supply above consumption. The Iran-aligned Houthis claimed responsibility for an attack on Saudi Aramco's offices in Riyadh; no casualties were reported.
