SINGAPORE: Oil prices were little changed in choppy trade on Monday, as investors awaited clarity on the status of talks between the US and Iran even as they remained wary about sustained supply losses due to shipping disruptions.
Brent crude futures rose 73 cents, or 0.7 percent, to $109.76 a barrel at 06:38 a.m. Saudi time. US West Texas Intermediate crude futures were trading 26 cents lower, or 0.2 percent, at $111.28 per barrel.
The pricing moves in Asia trading on Monday were dwarfed by an 11 percent surge for WTI and an 8 percent rise for Brent during the previous trading session on Thursday, the biggest absolute price increase since 2020.
On Sunday, Trump ratcheted up pressure on Tehran, threatening in an expletive-laden Easter Sunday social media post to target Iran’s power plants and bridges on Tuesday if the strategic Strait of Hormuz is not reopened. Still, prices were largely unchanged on Monday.
The US, Iran and a group of regional mediators are discussing the terms for a potential 45-day ceasefire that could lead to a permanent end to the war, Axios reported on Sunday, citing four US, Israeli and regional sources.
