Oil markets were flat on Monday, keeping gains from last week. Brent futures traded at $88.55 and U.S. West Texas Intermediate at $82.26, with no significant change.
Prices rose more than 5% last week after attacks on tankers and a Saudi Aramco refinery, which increased risk premiums in the market.
Over the weekend, Iranian Foreign Minister Abbas Araqchi said Iran had not decided to resume talks with the U.S., while President Donald Trump urged Americans to accept slightly higher gasoline prices amid the conflict.
Priyanka Sachdeva, head of market insights for Phillip Nova in Singapore, noted that oil prices have recovered almost completely from early August lows, but hopes for a more permanent U.S.-Iran resolution have faded.
She added that there is limited upside unless clear evidence of renewed aggression in the Strait of Hormuz appears, such as material damage to tankers or oil infrastructure.
Shipping data from Kpler showed only five commodity vessels transited the Strait of Hormuz on Saturday, with none on Sunday, compared with 31 vessels the previous weekend.
The United Arab Emirates accused Iran of attacking a third ADNOC vessel on Friday, after blaming it for two earlier incidents involving ADNOC ships in the strait on Thursday evening.
These tensions keep market participants wary, keeping risk premiums high and preventing further price gains.
Analysts say oil will likely remain steady until new developments, such as a peace agreement or fresh attacks, alter the risk landscape.
Investors and traders should monitor geopolitical news and shipping data closely to gauge future price movements.