Oil prices were mixed in early trade, but may be buoyed amid a deadlock in U.S.-Iran talks to reopen the Strait of Hormuz, a key waterway through which one-fifth of the world’s oil is transported.

Oil prices barely moved in early trade on Monday as tanker traffic through the Strait of Hormuz slowed over the weekend with no peace deal in sight ​between the United States and Iran to end the conflict ​in the Middle East.

Oil prices were little changed in early Monday trading as shipping activity through the Strait of Hormuz slowed sharply over the weekend, while the ongoing conflict between the United States and Iran showed no signs

Oil prices opened modestly higher as investors assessed renewed fighting between Israel and Hezbollah and the possibility of additional U.S. sanctions against Iran. Brent crude (CO1:COM) gained 0.5% in early Asian trading.

The tariffs are the latest exchange in a dispute that has disrupted the once harmonious — and nearly tariff-free — relationship over the past year.

Canada and the U.S. remain far apart as negotiations toward a tariff deal continue ahead of U.S. President Donald Trump's latest deadline, according to sources.

Iowa Sen. Chuck Grassley said that U.S. President Donald Trump's threats to hit an array of Canadian goods with new tariffs should serve as a wake-up call to Canada. (Aug. 15, 2026)

Canada and the U.S. are still far from reaching a draft trade deal despite regular meetings, according to a source directly briefed on the matter.

US retail sales fell in July by the most in more than a year as consumers pulled back on purchases at online stores and auto dealers.

The U.S. Department of Commerce said Friday that retail sales dropped 0.6% in July from June, the largest decline since May 2025.

After splurging on the World Cup and Amazon Prime Day sales, Americans unexpectedly cut their spending in July by the biggest amount in more than a year.

Retail sales fell more than 0.5% last month as the American economy feels the impact of soaring gas prices and the blockade in the Strait of Hormuz. Reporter Jonathan Hunt has more, from Tel Aviv.