Oil prices concluded Monday’s session over 1% higher following a day of fluctuating trade. The increase stemmed from renewed optimism regarding potential negotiations between the United States and Iran. This positive outlook partially countered concerns arising from a naval blockade declared by Yemen's Houthi group against Saudi Arabia. Traders balanced the possibility of increased oil supply from a restored Iran nuclear deal against the disruption threatened by the blockade in a key oil-producing region. The Houthi blockade poses a risk to oil shipments through the Red Sea. Market analysts are closely watching developments in both situations to assess their impact on global oil supply and prices. The situation remains volatile and susceptible to shifts based on geopolitical developments.