Brent fluctuates as Iran-US tensions and Strait risks persist

Brent crude oil fluctuated on Monday, rising to $89.30 a barrel before easing to around $88.70, as investors assessed the uncertain outlook for the US-Iran conflict and potential supply disruptions.

Renewed fighting in Lebanon and attacks on vessels in the Strait of Hormuz added to concerns that tensions could persist, while stalled negotiations between Washington and Tehran limited hopes for a swift resolution.

Iranian Foreign Minister Abbas Araqchi said Tehran had not decided whether to resume talks with the US, while President Donald Trump urged Americans to accept somewhat higher gasoline prices as the conflict continues.

Shipping activity through the Strait of Hormuz also slowed significantly over the weekend following attacks on tankers.

Data showed only five commodity vessels transited the waterway on Saturday and none on Sunday, compared with 31 during the previous weekend.

Despite the heightened risks, the absence of major supply outages limited further gains in oil prices.