Oil Prices Recover From Five-Month Low
Crude oil prices rose again above US$70 per barrel in Monday's trading. This increase represents a limited recovery after prices had previously fallen to a four-month low.
The price increase was triggered by a decrease in shipping traffic through the Strait of Hormuz following the attack last weekend. Although commercial vessels were still able to pass through the strategic waterway, overall transit numbers weakened due to the disruption to shipping company confidence.
The Strait of Hormuz has again become a focus of market attention as it serves as a key global energy shipping route. The decrease in shipping activity has investors reassessing the risk of supply disruptions, although overall market sentiment has calmed.
From a diplomatic perspective, United States President Donald Trump announced that the US and Iran are scheduled to hold new peace talks on Tuesday in Doha, Qatar. This plan comes after a tense weekend, including a US retaliatory attack on Iranian military targets.
Despite the escalation in tensions, the US and Iran agreed to refrain from direct attacks to allow maritime trade to resume. This agreement helped keep oil prices near pre-war levels on February 28, although risks in the Strait of Hormuz have not completely disappeared. (yds)
Source: Newsmaker.id