
Crude oil rose to $69.7 per barrel on Monday, rebounding slightly from a four-month low after the US and Iran agreed to halt mutual attacks ahead of peace talks this week. This temporary truce follows weekend hostilities where a supertanker carrying 2 million barrels of Qatari oil was struck near the Strait of Hormuz, prompting a temporary slowdown in regional maritime traffic. While current prices have erased nearly all war-related gains since late February, nervous shipowners remain deeply cautious about navigating the corridor. Consequently, hundreds of vessels remain stranded in the Persian Gulf. Investors are now closely monitoring the upcoming diplomatic negotiations, as a successful resolution offers the prospect of a permanent peace agreement and a full, unrestricted reopening of the strategic waterway.

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