Oil prices rise on Monday

Oil prices rose on Monday as fading hopes for a US-Iran peace breakthrough and slowing tanker traffic through the Strait of Hormuz heightened geopolitical concerns.

Brent crude gained 72 cents to $89.20 per barrel by 0229 GMT, while US West Texas Intermediate rose 44 cents to $82.83 per barrel. Both benchmarks gained more than 5 per cent last week following attacks on tankers and a Saudi Aramco refinery.

Shipping through the Strait of Hormuz also slowed sharply, with five commodity vessels transiting on Saturday and none registered on Sunday, compared with 31 during the previous weekend, according to Kpler data.

Attribution: Reuters