Oil prices climb amid geopolitical tensions and tanker delays in Hormuz

Oil prices rose on Monday as geopolitical concerns intensified in the markets, driven by slower tanker movements through the Strait of Hormuz and fading hopes for a breakthrough in peace talks between the United States and Iran.

Brent crude futures gained 1% to reach $89.40 a barrel, while the latest trades saw a 72-cent increase to $89.20 as of 02:29 GMT.

Meanwhile, US West Texas Intermediate crude futures rose by 44 cents to $82.83 a barrel.

The Strait of Hormuz is considered one of the world’s most critical oil export routes, and any disruption to shipping directly impacts global prices.