Oil prices stabilized on Monday after the United States and Iran reached an agreement to end the latest hostilities in the Persian Gulf and agreed to renew talks on the Strait of Hormuz, reports "Reuters".
As of 08:03 GMT (11:03 Bulgarian time), Brent crude futures rose 4 cents to $72.03 a barrel, while US West Texas Intermediate crude added 44 cents, or 0.6%, to $69.67 a barrel.
"There are still many risks to the oil market. However, participants appear to be... focused on what a continued recovery in oil flows would mean for the global balance sheet," ING analysts said in a note on Monday.
"This complacency is odd and clearly carries significant upside risk if supply recovery proves slow."
Brent crude fell 10.6% last week, marking its third consecutive weekly decline. The recovery of shipments through the Strait of Hormuz, which reached their highest level since the start of the war between the United States and Israel against Iran in late February, put pressure on quotes.
Shipping data showed that Middle Eastern producers continued to load oil and liquefied natural gas despite new attacks on ships in the Strait of Hormuz and renewed strikes between the United States and Iran in recent days.
Saudi Aramco resumed loading crude oil from the Ras Tanura terminal, located west of the Strait of Hormuz, on Friday after a nearly four-month hiatus. Operations continued after a company helicopter crashed in Ras Tanura on Sunday, killing 14 people. The cause of the accident remains unknown.