Oil & Gas

Oil prices were largely steady on Monday after Iran and the United States agreed to pause recent hostilities in the Gulf, easing immediate fears of further disruption to global energy flows. At the same time, Middle East producers continued loading oil and liquefied natural gas despite renewed ship attacks in key shipping lanes.

The move to stabilise tensions also came alongside renewed plans by the two countries to resume talks over the Strait of Hormuz. This raised hopes of preserving an interim peace arrangement that had been under pressure following several days of tit-for-tat strikes in the region.

Brent crude futures edged up 4 cents to $72.03 a barrel by 0803 GMT, while U.S. West Texas Intermediate rose 44 cents, or 0.6%, to $69.67. Despite the slight gains, analysts warned that the market remains exposed to significant geopolitical risk, even as traders focus on expectations of recovering supply flows.

Saudi oil giant Aramco resumed crude loadings at its Ras Tanura terminal after a nearly four-month pause, even as shipping activity continued in a volatile security environment. However, uncertainty persists after a helicopter crash at the terminal killed 14 nationals, with the cause still under investigation.