Crude oil prices have been mostly steady in early trade on Monday, however concerns on oil supply disruptions have mounted after the sharp decline in vessel
movements through the Strait of Hormuz. Brent Crude oil prices traded near 89 dollars per barrel and WTI Crude oil traded near 83 dollars per barrel-both saw mrginal gains of over 0.2 percent (at the time of filing this copy). The marginal gains come after both oil rates surged over 5 percent last week following the alleged attacks on tankers in the region. The Strait of Hormuz is a crucial global oil transit route that has seen trading activity fall sharply over the weekend. Kpler data showed only five commodity vessels crossed the passage on Satturday, while none were recorded on Sunday, compared with 31 crossings during the previous weekend. Global oil expert and CEO-Australia, Trading.com Peter McGuire had earlier told Times Now Digital, "tempers are rising, US is not going to back down, stakes are rising- impact on oil supplies will be seen more in Asia-China, Japan and India more than anywhere else. See the big picture to be alright, will be in wait and watch mode for how the US-Iran situation continues to unfold." A memorandum of understanding aimed at ending the war between the US and Iran is due to expire today (Monday), with little indication that either side is prepared to extend it. The agreement, signed in June after talks hosted by Pakistan, has been disputed by both Washington and Tehran, with each accusing the other of violating its terms. Iranian Foreign Minister Abbas Araghchi said on Saturday that Tehran had not decided whether to resume negotiations with the US. "We have not yet made a decision to restart negotiations with the United States," he said in a post on Telegram, this after US President Donald Trump on Friday vowed to hit Iran hard economically.
