Oil prices fell slightly in Asian trade on Monday after clocking strong gains last week, with continued uncertainty over U.S.-Iran relations and the Strait of Hormuz limiting overall declines in crude.

Brent oil futures fell 0.16% to $88.42 a barrel by 21:04 ET (01:04 GMT), while West Texas Intermediate crude futures fell 0.2% to $81.31 a barrel.

Brent surged over 5% last week as U.S.-Iran hostilities continued, with Tehran attacking more energy infrastructure in West Asia.

Shipping through the Strait of Hormuz also slowed further following Iranian attacks on tankers in the region, while the U.S. maintained its naval blockade against Tehran.

The West Asian conflict entered a new front in the Red Sea, as Yemen’s Iran-backed Houthis continued to attack ships in the Bab al-Mandab strait. Attacks in the region threatened to further destabilize oil supplies in West Asia.

Concerns over tightening supplies largely overshadowed forecasts for weaker global oil demand from major industry bodies, released last week. Both the Organization of Petroleum Exporting Countries and the International Energy Administration cut their demand forecasts for 2026.

Source: Investing.com

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