Oil prices flat as Hormuz traffic drops and US-Iran talks remain stalled

Oil prices opened nearly flat on Monday as tanker traffic through the Strait of Hormuz slowed dramatically over the weekend, with no progress reported in US-Iran diplomatic efforts.

Brent crude futures edged up 20 cents to $88.72 a barrel, while US West Texas Intermediate crude slipped 5 cents to $82.35. Both benchmarks had gained more than 5% last week following attacks on tankers operated by Abu Dhabi National Oil Company (ADNOC) and a Saudi Aramco refinery.

Ship-tracking data from Kpler showed just five commodity vessels transited the strait on Saturday, with none registered for Sunday, compared with 31 during the previous weekend. The UAE has accused Iran of attacking a third ADNOC vessel on Friday, following two earlier incidents on Thursday evening.

Iranian Foreign Minister Abbas Araqchi said over the weekend that Tehran had not decided whether to resume talks with Washington. US President Donald Trump, meanwhile, urged Americans to accept slightly higher gasoline prices while the conflict continues.

Market analysts noted that both sides remain firmly entrenched, leaving traders to weigh the risk of tighter supply against the possibility of workarounds and informal channels. The status quo, they said, is likely to keep prices range-bound in the near term.