Oil prices were steadyy after US President Donald Trump downplayed the likelihood of new strikes on Iran, though attacks on ships near the Strait of Hormuz kept supply concerns in focus.
Brent inched up 3 cents to $98.35 a barrel, while US West Texas Intermediate rose 0.5 per cent to $91.30 a barrel.
Brent fell 16pc last week, the steepest weekly drop since the start of the COVID pandemic.
“Despite the recent optimism surrounding a potential diplomatic breakthrough, the underlying geopolitical risks remain elevated, and the possibility of renewed military escalation cannot be ruled out,” said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.
“The market appears to be pricing in a relatively optimistic scenario of de-escalation, even though a comprehensive agreement between Washington and Tehran has yet to materialise,” she said.
