Oil prices ease after Iran says US contacts continue through mediators

Oil prices eased slightly on Monday after Iran confirmed that diplomatic communications with the United States are ongoing through mediators, despite recent military exchanges in the Middle East. Crude oil had surged over the past week due to fears of disruptions in the Strait of Hormuz, with Brent crude reaching over $91 a barrel before settling at $89. Iranian foreign ministry spokesman Esmaeil Baghaei stated, "The diplomatic apparatus has been active in recent days and ideas have been conveyed to us by certain mediators." Meanwhile, US gasoline prices crossed $4 a gallon, a significant increase since the US and Israel attacked Iran in late February, creating a political flashpoint for the upcoming US midterm elections.