Oil climbs more than 1% as Hormuz risks offset fresh US-Iran talks
What's new: Brent settled at $89.22 and U.S. crude at $83.23 after tanker traffic through the Strait of Hormuz fell sharply.
Oil prices rose Monday after volatile trading as investors weighed signs of possible renewed U.S.-Iran negotiations against growing threats to Middle East shipping. Brent crude settled up $1.12, or about 1.3%, at $89.22 a barrel, while West Texas Intermediate gained 74 cents to $83.23. The market briefly pushed higher after Yemen's Houthis moved to impose a naval blockade on Saudi Arabia, raising concerns about supply and trade routes beyond the Gulf. Shipping data also pointed to disruption at the Strait of Hormuz, where transit fell to four vessels Sunday from eight a day earlier. Analysts said any failure to secure a ceasefire, combined with tighter Red Sea traffic, could drive a bigger rebound in prices.