Oil prices gained more than 1% on Monday after attacks by the U.S. and Iran underscored the fragility of their interim peace deal, while cautious hopes of a continued recovery in energy shipping through
Oil prices gained more than 1% on Monday after attacks by the U.S. and Iran underscored the fragility of their interim peace deal, while cautious hopes of a continued recovery in energy shipping through the Strait of Hormuz limited gains.
Iranian and U.S. technical teams working on the implementation of an interim peace deal are expected to meet in Doha in the coming days, a source told Reuters on Monday, after the tit-for-tat weekend strikes threatened to derail the accord.
Brent crude futures were up 90 cents, or 1.25%, at $72.89 a barrel by 11:36 a.m. EDT (1537 GMT). U.S. West Texas Intermediate crude gained $1.20, or 1.73%, to $70.43.
Brent crude fell 10.6% last week in a third consecutive weekly decline after crude shipments through the strait rose to their highest since the U.S.-Israeli war on Iran began in late February.
Outbound Persian Gulf crude exports are quickly rebounding to at least 75% of pre-war levels, Gelber & Associates analysts said in a note on Monday.
However, analysts cautioned that traffic through the strait is far from being fully recovered, helping keep prices somewhat elevated.
"I think that reality is starting to sink in, not every barrel is going
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