Crude Oil Pares Gains

Crude oil pared earlier gains to trade around $94 a barrel on Monday as the restart of a key Saudi export route eased some supply concerns. Saudi Arabia resumed crude shipments through its East-West pipeline after repairing damage caused by drone strikes earlier this month. Around 3.5 million barrels a day of crude is flowing through the system, restoring an important alternative route for Saudi exports. Attention also remains focused on diplomatic efforts to reopen the Strait of Hormuz, with mediators expected to hold separate discussions with US and Iranian officials on Monday or Tuesday. Oil prices have remained highly sensitive to headlines surrounding the negotiations, which have repeatedly raised hopes of progress before stalling. Earlier, Tehran said it was sticking to the proposal rejected by US President Donald Trump.