Oil prices held largely steady on Monday after posting strong gains last week, as uncertainty over a lasting US-Iran peace deal and continued risks to shipments through the Strait of Hormuz supported prices. Brent crude futures were flat at $88.55 a barrel by 0128 GMT, while US West Texas Intermediate crude fell 14 cents to $82.26. Both benchmarks rose more than 5% last week after tankers operated by Abu Dhabi National Oil Company came under attack in the Strait of Hormuz and a Saudi Aramco refinery was targeted.

Over the weekend, Iranian Foreign Minister Abbas Araqchi said Iran had not decided to resume talks with the US, while US President Donald Trump urged Americans to ​accept slightly higher gasoline prices while the conflict continues. "Oil prices have now rebounded almost ​completely from the lows seen in early August, as hopes for a more permanent resolution between ‌the ⁠US and Iran have faded and geopolitical risk premiums have returned to the market," said Priyanka Sachdeva, head of market insights for Phillip Nova in Singapore.

"However, I see limited upside from here unless we get clear evidence of renewed aggression in ​the Strait of Hormuz, ​particularly material damage ⁠to tankers or oil infrastructure," she said. Shipping through the Strait of Hormuz slowed over the weekend, data showed on Monday, following attacks ​on tankers. Five commodity vessels transited the strait on Saturday, ​with none ⁠registered for Sunday, ship-tracking data from Kpler showed, versus 31 for the prior weekend.

The United Arab Emirates accused Iran of attacking a third vessel operated by ADNOC that was ⁠transiting ​the strait on Friday, the Emirati state news agency ​WAM reported, after blaming it for two other incidents involving ADNOC vessels in the strait on Thursday ​evening.