Oil prices rise amid stalled US-Iran negotiations and Strait of Hormuz restrictions

On Monday, global oil prices increased by approximately 2% to 3% as diplomatic efforts to resolve the conflict between the United States and Iran stalled. Brent crude reached between $107.55 and $108.36 per barrel, while West Texas Intermediate traded between $96.42 and $96.85. The price rally follows reports of limited traffic through the Strait of Hormuz, where both U.S. blockades and Iranian closures are affecting supply. Analysts estimate that between 10 and 13 million barrels of oil are failing to reach the market daily due to the geopolitical situation. Iranian Foreign Minister Abbas Araqchi has held talks with mediators in Pakistan and Oman before traveling to Russia to address issues including nuclear ambitions and maritime passage. President Donald Trump has called for direct communication to conclude the ongoing two-month conflict. Meanwhile, Goldman Sachs has revised its fourth-quarter price forecasts to $90 for Brent and $83 for WTI. Shipping data from Kpler confirms that only one oil products tanker entered the Gulf on Sunday.