Oil markets remain stable as Gulf energy exports continue despite regional tensions
Oil prices held steady on Monday after Iran and the United States agreed to halt recent hostilities, while Middle East producers continued exporting oil and liquefied natural gas despite fresh security concerns.
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The two countries also agreed to restart discussions over the Strait of Hormuz, raising expectations that an interim peace arrangement could remain in place after days of military exchanges.
Brent crude futures edged up by 4 cents to $72.03 a barrel during early trading. US West Texas Intermediate crude gained 44 cents, or 0.6%, to trade at $69.67.
Analysts said markets continue to weigh supply recovery against ongoing geopolitical risks.
ING analysts noted that traders appear increasingly focused on improving oil flows and their impact on global supply balances. However, they warned that delays in restoring supply could create upward pressure on prices.
Brent crude recorded a third consecutive weekly decline last week and dropped 10.6%. The decline came as crude shipments through the Strait of Hormuz reached their highest levels since conflict between the United States and Iran intensified earlier this year.
Shipping data showed that Middle East producers continued loading oil and LNG cargoes despite fresh ship attacks in the Strait of Hormuz and renewed military activity in recent days.
Saudi energy giant Aramco resumed crude loadings on Friday at its Ras Tanura terminal after suspending operations for nearly four months.
Operations continued even after one of the company’s helicopters crashed near Ras Tanura on Sunday, killing 14 people.
Authorities have not yet confirmed the cause of the crash.
