Pakistan, Aug. 17 -- Oil prices climbed on Monday as hopes for a US-Iran peace breakthrough weakened. Slower tanker traffic through the Strait of Hormuz also increased concerns about global supply. Brent crude rose as much as one percent to $89.40 per barrel. It later traded 72 cents higher at $89.20. US West Texas Intermediate crude also gained 44 cents to $82.83 per barrel. Both benchmarks had already risen more than five percent last week.

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The recent price gains followed attacks on tankers operating in the Strait of Hormuz. Vessels operated by Abu Dhabi National Oil Company came under attack in the waterway. A Saudi Aramco refinery was also targeted. These incidents ...