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Crude oil briefly dipped toward $83 per barrel on Monday before trading around $85, after the US and Iran halted strikes against each other over the weekend amid efforts to revive diplomacy, with President Donald Trump reportedly open to renewed peace talks. The US paused its attacks against Iran starting late Friday without any official announcement, while Tehran said it had halted its retaliatory military strikes in response and engaged in talks with Oman regarding the Strait of Hormuz. Still, Iran-backed Houthi forces in Yemen claimed responsibility for attacks on facilities associated with Saudi Aramco at the Red Sea ports of Jizan and Yanbu over the weekend. Oil prices have surged nearly 40% this month as supply disruptions expanded from the Strait of Hormuz to the Red Sea, an increasingly important alternative route for Saudi Arabian crude exports that transports millions of barrels each day.
