Oil prices shoot up following renewed Iranian shipping threats

Clear rules needed

Shipping executives meeting in Athens on Monday said any peace deal would need to offer clear rules allowing vessels to resume normal business through the Strait of Hormuz.

Alongside oil supply concerns, economic data from China over the weekend that showed stalling factory activity added to fears the world's second-largest economy is losing momentum. Saudi Arabia is likely to cut its official selling prices for crude oil to Asia in July for a second consecutive month, a Reuters survey showed.

Russia's government, meanwhile, intends to increase fuel supplies from Belarus and tighten oversight over exports of gasoline and diesel to meet domestic fuel demand, the RBC news outlet reported on Monday, citing two sources familiar with the matter.

A complete ban on gasoline exports for two months, including under some inter-governmental agreements, is under discussion, the report said.