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EMEA Oil Update: Crude Rises as US And Iran Halt Attacks, Hormuz Traffic Slows

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EMEA crude futures rose in after-hours trading on Monday after the US and Iran paused hostilities ahead of peace talks in Qatar following a weekend of flare-ups over the Strait of Hormuz, including an attack on a commercial tanker.

Brent crude futures advanced by 1.9% to $73.41 per barrel, while Murban crude futures were up 3.2% to $68.70/bbl.

Soojin Kim, a research analyst at MUFG, said crude pared early gains after the US-Iran ceasefire revived expectations for a gradual normalization of Gulf energy flows.

The US and Iran are poised to hold fresh talks on Tuesday in Doha, Qatar, President Trump said in a social media post on Monday, following a weekend of hostilities.

"Iran has requested a meeting. "It will take place tomorrow in Doha!," Trump said in a post on Truth Social.

However, Iran's Deputy Foreign Minister Kazem Gharibabadi said "no technical talks" with the US have been scheduled in Doha this week, refuting media reports that the two sides were set to meet in the Qatari capital.

"Holding technical meetings of the working groups has not been scheduled for this week," Gharibabadi said, adding that the first round of talks will be held once conditions are met.

The fresh round of negotiations follows clashes between the US and Iran over the weekend that threatened to derail negotiations aimed at ending the Middle East conflict.

US officials reportedly said that both sides would pause hostilities and allow commercial vessels to transit the Strait of Hormuz freely.

On Sunday, the US Central Command said that fighter jets struck 10 Iranian military targets in and near the Hormuz in retaliation for a drone strike on the Panamanian-flagged tanker, the M/T Kiku.

Iran's Islamic Revolutionary Guard, in retaliation, launched missiles and drones at the Ali Al Salem Air Base in Kuwait and the 5th Fleet naval base in Salman Port, Bahrain.

Kuwait intercepted two missiles, and there was no material damage or injuries, while Bahrain reported a residential building had been hit, but no fatalities were reported.

Meanwhile, commercial vessels continued to move through the Strait on Monday, with Kpler reporting that three Global Feeder Shipping vessels entered the Gulf between June 26 and 28.

Saxo Bank strategists said Iran's foreign minister reiterated that Tehran retains exclusive authority over traffic through the strategic waterway under the preliminary peace agreement, thereby elevating the risk of renewed supply disruptions.

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