Oil settles 1% higher as hopes of renewed US-Iran negotiations offset Houthi threat

"While the ⁠conflict remains far from resolved, the prospect of renewed talks has eased immediate concerns over further disruptions to oil supply and shipping through the Strait of ​Hormuz," said Daniela Hathorn, Senior Market Analyst, at Iran-aligned Houthis said on Monday they would impose a naval blockade on Saudi Arabia, opening a potential new front ​against the United States in its war with Iran and raising the threat to global energy supplies and trade beyond the Gulf."Gulf countries boosted ​crude oil and condensate exports in the first half of July to their highest since before the Iran war began in late February, shipping data showed, though flows through the Strait of Hormuz ​are slowing as fighting escalates.

At least three oil products tankers and one very large crude carrier have entered the strait since Friday to load oil, ​the data showed.