Brent crude oil prices rose past $73 per barrel on Monday, rebounding slightly from a four-month low as a drop in shipping traffic through the Strait of Hormuz countered broader market optimism.
While commercial vessels continued navigating the strategic waterway following a temporary pause in hostilities, overall transit numbers declined after weekend attacks severely damaged corporate confidence.
Geopolitical attention has shifted to immediate diplomatic efforts, with US President Donald Trump announcing that the US and Iran are scheduled to hold fresh peace talks on Tuesday in Doha, Qatar.
This diplomatic push follows a volatile weekend involving US retaliatory strikes against Iranian military targets.
Despite the recent escalation, both nations agreed to suspend direct conflicts to allow maritime trade to resume, helping sustain a broader downward trend in energy costs that has rolled back crude prices to levels last seen before the war began on February 28.