Crude oil prices held steady on Monday as market participants weighed ongoing supply risks emanating from the Middle East against intensified diplomatic efforts aimed at ending the conflict between the US and Iran. The stability in pricing reflects a cautious market grappling with conflicting signals from the region. Brent crude futures edged up 0.27% to $103.47 per barrel, while WTI crude futures slipped 0.36% to $95.73 per barrel at the time of writing.

Qatar has emerged as a key intermediary in the diplomatic push, with Foreign Ministry spokesman Majed Al-Ansari confirming that Doha remains in communication with both Washington and Tehran to facilitate a resumption of negotiations. Speaking at the Qatar Economic Forum in New York, Al-Ansari noted that multiple US government officials have indicated Washington's desire to reach an agreement and end the conflict. He stated that Qatar has been exchanging views with both parties over recent weeks and is working to bridge differences, though no timeline for resuming talks was provided.

"We have heard multiple US government officials express their confirmation that America wants to reach a deal and find a solution to end this war," Al-Ansari said. He emphasized that any solution must ensure regional stability while promoting international consensus on protecting strategic waterways, including the Strait of Hormuz. The spokesman also pointed out that the Bab el-Mandeb Strait has been similarly affected by the regional conflict.

Meanwhile, Iranian Parliament Speaker Mohammad Bagher Ghalibaf stated on Monday that Tehran has communicated its conditions to the other side through intermediaries. He made clear that unless these conditions are met, Iran's legitimate rights recognized, and US commitments fulfilled, there is absolutely no possibility of returning to previous negotiations or reopening the Strait of Hormuz. The hardline stance from Tehran underscores the fragility of current diplomatic efforts.

In a potentially conflicting development, former President Trump told a telephone interviewer that the US has maintained communication with Yemen's Houthi rebels, who have agreed not to engage in fighting with America. A US official was also quoted as saying that US forces would not conduct "offensive strikes" against the Houthi group. These statements suggest a possible de-escalation in one theater of the broader conflict.

However, the Houthi rebels announced late Sunday that they had conducted two military operations targeting "sensitive targets" in the Saudi capital Riyadh and facilities belonging to Saudi Aramco in Yanbu. Houthi spokesman Yahya Saree claimed both attacks were successful and served as retaliation for Saudi airstrikes on Yemen. Saree noted that Saudi Arabia has launched 732 airstrikes against Yemen since the current conflict began, and vowed that the group would continue its policy of "blockade for blockade, escalation for escalation."

With tensions mounting between Saudi Arabia and the Houthi rebels, traders are seeking indications of whether Riyadh has made progress in restoring operations along the East-West pipeline — the critical cross-country artery to the Red Sea that was attacked and forced offline earlier this month. Supply concerns have intensified following reports that Saudi Aramco has informed at least two European refinery clients that it will not fulfill contractual crude deliveries next month as a result of the pipeline disruption.

European customers typically rely on long-term contracts with Saudi Aramco to ensure stable monthly crude supplies. However, sources indicate that no such deliveries will occur next month, with the decision applying across all European buyers. The development adds another layer of uncertainty to an already tight global oil market, as traders continue to monitor both the diplomatic track and the evolving military situation in the region.