Oil prices mostly flat as Strait of Hormuz traffic drops
Oil prices stayed mostly flat on Monday, even as worries grew over fewer ships passing through the Strait of Hormuz, a key route for global oil.
Brent crude edged up to $88.89 per barrel and WTI hit $82.57 after last week's more than 5% jump sparked by attacks on tankers and a Saudi refinery.
UAE blamed Iran for ADNOC incidents
The Strait usually sees heavy traffic, moving about a fifth of global crude oil and liquefied natural gas shipments, but this weekend only five ships crossed on Saturday and none at all on Sunday, way down from 31 just a week before.
This slowdown follows recent tanker attacks that the UAE earlier blamed on Iran for two other incidents involving ADNOC vessels.
Abbas Araqchi says talks stalled
Efforts between the US and Iran to get things moving again have stalled.
Iranian Foreign Minister Abbas Araqchi says talks with Washington are still at a standstill; Tehran is yet to decide whether to resume negotiations with Washington, raising more concerns about possible oil supply problems if things don't improve soon.