Oil prices edged higher on Monday, supported by the absence of a U.S.-Iran peace deal, which kept supplies constrained and prices above $100 a barrel.
Brent crude futures rose 67 cents, or 0.6%, to $108.84 a barrel at 0400 GMT, after settling down $2.23 on Friday.
U.S. West Texas Intermediate (WTI) gained 65 cents, also 0.6%, to $102.59 a barrel, following a $3.13 loss on Friday.
“The broader market remains tightly supported by persistent supply disruptions and geopolitical uncertainty,” said Priyanka Sachdeva, analyst at Phillip Nova.
“Unless there is a clear and sustained resolution that restores normal flows through the Strait of Hormuz, oil prices are likely to remain elevated, with risks still tilted toward further upside.”
President Donald Trump stated that the U.S. would begin efforts to assist ships stranded in the Strait of Hormuz, yet prices remained above $100 a barrel, with no peace deal in sight and shipping through the strategic waterway still constrained.
Negotiations between the U.S. and Iran continued over the weekend, with both sides assessing each other’s responses. Trump has made securing a nuclear deal with Tehran a priority, but Iran wants to defer nuclear talks until after the war and until rival blockades on Gulf shipping are lifted.
On Sunday, the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, announced it would raise oil output targets by 188,000 barrels per day in June for seven members, marking the third consecutive monthly increase.
The rise matches the increase agreed for May, minus the share of the United Arab Emirates, which left OPEC on May 1. However, the additional barrels are expected to remain largely theoretical as long as the ongoing conflict in Iran continues to disrupt Gulf oil supplies through the Strait of Hormuz.
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