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Oil Rises as Traders Weigh US-Iran Ceasefire, Strait of Hormuz Disruptions

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Oil edged higher early Monday but retreated from overnight highs after the U.S. and Iran agreed to halt strikes that had threatened their ceasefire.

West Texas Intermediate crude oil for August delivery was last seen up US$0.72 to US$69.95 per barrel after rising to US$70.97 overnight, while August Brent oil was up US$0.28 to US$72.27.

Tanker traffic through the Strait of Hormuz slowed after Iran and the U.S. traded missile strikes on the weekend, renewing hostilities after Iran on Thursday attacked a ship. According to the Wall Street Journal, the two countries agreed to end fighting on Monday with peace talks expected to resume on Tuesday.

"Early gains faded after the two sides agreed to halt attacks, allowing vessels to move freely ahead of peace talks set to resume later this week. As European trading gets underway, Brent is little changed around USD 72. Iran's foreign minister reiterated that Tehran retains exclusive authority over traffic through the Strait of Hormuz under the preliminary peace agreement, leaving the risk of renewed supply disruptions elevated," Saxo Bank noted.

Shipping through the Strait of Hormuz has slowed. The hormuzstraitmonitor.com on Friday reported 62 ships passed through the Strait that handled 20% of daily oil demand prior to the Feb. 28 start to the war. The website said only five ships have moved through the waterway in the past 24 hours, with 167 tankers waiting in the queue.

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