Oil prices rose about 1% at Monday’s settlement after fresh attacks on energy infrastructure in Saudi Arabia and vessels in the Middle East intensified supply concerns.
Benchmarks pare gains during session
Brent crude futures rose $1.07, or 1%, to $105.68 a barrel at settlement, while U.S. West Texas Intermediate crude futures climbed $1.34, or 1.3%, to $101.39 a barrel.
Both benchmarks jumped nearly 5% before retreating from their session highs after U.S. President Donald Trump said, “Iran wants to reach an agreement with Washington.”
Vessel traffic through Strait of Hormuz declines
Preliminary vessel-tracking data on Monday showed that the number of vessels passing through the Strait of Hormuz fell below 10 a day at the start of the week, well below the 10-day average of 14 vessels.
