Oil prices rise as tanker traffic through Hormuz slows

TEHRAN, Iran — Oil prices rose on Monday as talks between the United States and Iran failed to produce tangible progress and tanker traffic through the Strait of Hormuz slowed. Brent crude gained 72 cents to $89.20 a barrel, while WTI rose 44 cents to $82.83. Iranian Foreign Minister Abbas Arakchi said over the weekend that Tehran had not decided to continue negotiations with the United States. US President Donald Trump urged Americans to accept slightly higher gasoline prices while the conflict continued. Data from Kepler showed that only five commercial vessels transited the Strait of Hormuz on Saturday and none on Sunday, compared with 31 vessels over the previous weekend. The slowdown followed attacks targeting oil tankers, including an incident on Friday in which the United Arab Emirates said a third Adnoc-owned ship was targeted by Iran while passing through the strait. Oil prices gained more than 5% last week amid concerns over shipments through Hormuz and supply security.