* Strait of Hormuz closure disrupts Middle East oil
exports, refiners seek alternatives
* Trump threatens further action if Strait remains closed
* Iran allows passage for select vessels
* OPEC+ agrees modest output rise, war limits actual
increases Russian supply also disrupted
(Updates prices, adds details on Iran, US plans to end
fighting)
SINGAPORE, April 6 (Reuters) - Oil prices were little
changed in choppy trade on Monday, as investors awaited clarity
on the status of talks between the U.S. and Iran even as they
remained wary about sustained supply losses due to shipping
disruptions.
Brent crude futures rose 76 cents, or 0.7%, to
$109.79 a barrel at 0656 GMT. U.S. West Texas Intermediate crude
futures were trading 53 cents, or 0.5% lower, at $111.01
per barrel.
The pricing moves in Asia trading on Monday were dwarfed by
an 11% surge for WTI and an 8% rise for Brent during the
previous trading session on Thursday, the biggest absolute price
increase since 2020.
On Sunday, Trump ratcheted up pressure on Tehran,
threatening in an expletive-laden Easter Sunday social media
post to target Iran's power plants and bridges on Tuesday if the
strategic Strait of Hormuz is not reopened. Still, prices were
largely unchanged on Monday.
Iran and the United States have received a plan to end
hostilities that could come into effect on Monday and reopen the
Strait of Hormuz, a source aware of the proposals said on
Monday.
The Strait of Hormuz, which carries oil and petroleum
products from Iraq, Saudi Arabia, Qatar, Kuwait and the United
Arab Emirates, remains largely closed due to Iranian attacks on
shipping after the war began on February 28.
"Not being able to open the Strait of Hormuz is becoming
more a question of political victory," said Mukesh Sahdev,
founder and CEO at consultancy XAnalysts.
Because of the Middle East supply disruptions, refiners are
seeking alternative sources for crude, particularly for physical
cargoes in the U.S. and Britain's North Sea.
Some vessels, however, including an Omani-operated tanker, a
French-owned container ship and a Japanese-owned gas carrier,
have passed through the Strait of Hormuz since Thursday,
shipping data showed, reflecting Iran's policy to allow passage
for vessels from countries it deems more friendly.
The war threatens to linger on as Iran has officially told
mediators it is not prepared to meet with U.S. officials in
Islamabad in the coming days and efforts to produce a ceasefire
have reached a dead end, The Wall Street Journal reported on
Friday.
On Sunday, OPEC+, consisting of some members of the
Organization of the Petroleum Exporting Countries and allies
such as Russia, agreed to a modest rise of 206,000 barrels per
day for May.
However, that decision will largely exist on paper as
several of the group's key producers are unable to raise output
due to the war.
Russian supply has been disrupted recently by Ukrainian
drone attacks on its Baltic Sea export terminals. Media reports
on Sunday said its Ust-Luga terminal resumed loadings on
Saturday after days of disruptions.