Oil prices hit a two-week high as Strait of Hormuz shipments lag

 Oil prices ​climbed about 3% to a two-week high on Monday as peace talks between the U.S. and Iran stalled and shipments through the Strait of Hormuz remained limited, keeping global oil supplies tight.
Brent futures rose $2.90, or 2.8%, to settle at $108.23 a barrel, while U.S. West Texas Intermediate crude rose $1.97, or 2.1%, to settle at $96.37.That put Brent up for a sixth day in a row for the first time since March 2025 and at its highest close since April 7. WTI closed at its highest since April ⁠13.'Brent blowing out to a double-digit plus premium to WTI ... should attract customers to the U.S. Gulf of Mexico and possibly drive ⁠U.S. crude oil exports to a) new record,' Bob Yawger, director of energy futures at Mizuho, said in a note.
U.S. President Donald Trump discussed a new Iranian proposal on resolving the war with Tehran with his top national security aides, with the conflict currently in a stalemate and energy supplies from the region reduced.'The diplomatic stand-off means that every day, 10-13 million barrels of oil fail to reach the international market, worsening an already tight oil balance. Therefore, there is only one direction for oil prices to go,' said PVM Oil ​Associates analyst Tamas Varga.
At least seven ships - mainly dry ‌bulk vessels - have crossed the Strait of Hormuz in the past 24 hours, in line with muted activity in recent days. That represents a fraction of the average 140 daily passages before the Iran war began ​on February 28, when around 20% of global oil supplies passed through the strait.
In addition, six tankers loaded with Iranian oil have been forced back to Iran by the U.S. blockade in recent days.