Oil prices traded mixed during Monday's Asian session as investors monitored fading hopes of a breakthrough in United States-Iran peace talks and a sharp slowdown in tanker traffic through the Strait of Hormuz.
By 2:40 pm AEST (4:40 am GMT), Brent crude futures were up 22 cents, or 0.3%, at US$88.74 a barrel, while U.S. West Texas Intermediate (WTI) crude futures eased 9 cents, or 0.1%, to US$82.31 a barrel.
Brent and WTI benchmarks rallied 6% and 5.4%, respectively, last week following attacks on tankers operated by Abu Dhabi National Oil Company in the Strait of Hormuz and an attack on a Saudi Aramco refinery.
Over the weekend, Iranian Foreign Minister Abbas Araqchi said Iran had not decided to resume talks with the U.S., while U.S. President Donald Trump urged Americans to accept slightly higher petrol prices while the conflict continues.
Shipping activity through the Strait of Hormuz slowed sharply over the weekend following the tanker attacks, according to data reported on Monday.
Five commodity vessels transited the strait on Saturday, while none were registered on Sunday, Reuters reported, citing ship-tracking data from Kpler.
This compared with 31 vessels that crossed the strait during the previous weekend.
