Shipping traffic through the Strait of Hormuz diminished throughout Saturday and Sunday, falling well below the shipment volume seen during the prior week. Kpler data recorded 12 trackable commodity vessels over the weekend, down from 35 the previous weekend and far below the pre-war daily average of 125 ships. Tracking remains inconsistent, as the UK Maritime Trade Operations agency reports single-digit transits while US data shows over 30 daily movements. Brent crude traded at $103.68 a barrel and US West Texas Intermediate at $100.02 on Monday.

Saudi Arabia is restoring flows through its east-west pipeline following attacks last week, which prompted Brent futures to drop 81 cents. Global oil and refined-product inventories could be depleted in 5 to 10 weeks, compared with a prior estimate of 15 to 20 weeks, based on figures from Commonwealth Bank of Australia. Pakistan recently negotiated separate safe passage through the strait for a liquefied natural gas shipment to alleviate an energy shortfall.