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Oil prices little changed as market assesses supply disruptions due to war
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Oil prices little changed as market assesses supply disruptions due to war
Apr 6, 2026 12:37 AM

* 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.

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