WTI Crude Climbs Above $70, Brent Rises Past $73 as Strait of Hormuz Traffic Slows Monday

According to ship-tracking data, WTI crude oil climbed above $70 per barrel and Brent crude rose past $73 on Monday, rebounding modestly as traffic through the Strait of Hormuz slowed following weekend attacks that damaged confidence among tanker operators. Oil prices had recently fallen to levels last seen before the US-Iran conflict began on February 28, as an interim ceasefire eased supply disruption fears. However, renewed concerns over maritime transit through the critical waterway, which carries roughly one-fifth of global seaborne crude exports, supported prices at the start of the week.

Meanwhile, US and Iranian officials are scheduled to meet Tuesday in Doha, Qatar, for fresh negotiations. According to US officials, both countries had agreed to "stand down for now," keeping talks on track despite recent military action. Iran is also expected to receive $6 billion in previously frozen assets held in Qatar as part of the broader understanding between Washington and Tehran.