Crude oil traded near $102 a barrel on Monday after touching a four-month high of $105 earlier in the session. Ukrainian President Zelenskyy said Ukraine would halt attacks on Russian energy targets if Russia did the same, but said Ukraine was not convinced Russia would honor such an agreement. The conditional offer undercut US President Trump’s claim that Russia and Ukraine had agreed to suspend strikes on each other’s energy infrastructure. Supply concerns intensified after Saudi Arabia closed its East-West pipeline, which bypasses the Strait of Hormuz, following damage from drones launched from Iraq on Thursday. A diplomatic meeting between Iran and the Gulf Arab states on the Hormuz situation was abruptly postponed after the attack, while the number of commodity vessels seen transiting the strait fell to single digits over the weekend.