-- Oil prices gained on Monday with Brent hitting a near three-week high as stalled peace talks and a lengthening Strait of Hormuz closure tightened global supplies of crude.
Front-month West Texas Intermediate crude futures added 0.6% to $94.95 per barrel, while Brent futures were up 0.9% to $106.25/bbl.
"Oil continues to grind higher as the Strait of Hormuz remains effectively closed, extending disruptions across the Middle East that continue to tighten the availability of critical commodities - from crude, fuel and gas to metals, fertilizers and petrochemicals," Saxo Bank analysts said.
"Brent crude trades at a three-week high as efforts to revive peace talks have stalled, with an Iranian proposal reportedly calling for nuclear negotiations to be postponed to a later stage."
With Goldman Sachs and Eni sharply raising their forecasts, the market is now pricing in a long-term standoff over critical energy corridors.
Goldman Sachs revised its fourth-quarter Brent outlook upward to $90 per barrel, rising from its previous $80 forecast and exceeding the current trading average of $88, analysts noted.
Italian major Eni (E) cautioned that the market is underestimating the conflict's duration, hiking its 2026 Brent projection to $83.
Last week marked a massive pivot in sentiment as the market looked more despondent over an imminent end to the conflict. Brent posted a 17% weekly gain and WTI surged over 13%.