🔺 Petrol prices rose due to a deadlock in negotiations and a slowdown in traffic through the Strait of Hormuz

▪ Oil prices rose on Monday, after expectations for reaching an agreement between the United States and the Islamic Republic faded and the movement of oil tankers in the Strait of Hormuz slowed.

▪ Brent futures rose by up to one percent, reaching $89.40, and U.S. West Texas Intermediate oil also increased by 44 cents to $82.83.

▪ Both benchmarks gained more than five percent last week. The driver of this rise was the attack on the oil tankers of Abu Dhabi National Oil Company in the Strait of Hormuz and an attack on an Aramco refinery in Saudi Arabia.

▪ Based on tracking data from Kepler, only five commercial vessels passed through the Strait of Hormuz on Saturday, and no vessels were recorded for Sunday.