Instead, focus is narrowing on Trump's diesel deal with Russia: File Image/Pixabay.

Oil traders on Monday were able to contain their concern about yet another Iran-backed Houthi attack in the Middle East and instead seemed buoyed by U.S. president Donald Trump’s deal with Russia to release a substantial amount of diesel fuel into the global market – which resulted in mixed crude trading.

Brent settled down 31 cents to $109.55 per barrel, but West Texas Intermediate rose $2.25 to $103.66 per barrel.

The Houthis on Monday bragged that strikes had been conducted against energy, airport and military infrastructure in Saudi Arabia, including an Aramco facility in Yanbu, and the Shaybah oilfield; however, as of press time the Saudis had yet to confirm the claims.

This came on the heels of an oil tanker striking a mine and exploding in the Strait of Hormuz on Sunday, something Iran's Revolutionary Guards took credit for.

But the hostilities took a back seat to Trump earlier signing an executive order to waive some sanctions and tariffs against Russia in exchange for energy exports, including diesel, in order to tame rising prices globally.

Gelber and Associates wrote in a note, "The waiver raises the prospect of additional Russian fuel exports, but uncertainty over its implementation and duration limits confidence in a sustained supply ⁠increase."

Although oil prices are near a five-month high, Friday’s trading sent the commodity into overbought territory, and on Monday Kpler noted that trend-following commodity trading advisers were sitting at 100 percent maximum long in both Brent and WTI, suggesting they've exhausted buying capacity for the time being.

Also discouraging any rally is the fact that despite Iran’s ceaseless rhetoric and attacks, the vast majority of which have proven to be unsuccessful, Hormuz flows seem to be holding up: U.S. energy secretary Chris Wright said Persian Gulf oil flows had recovered to about 80 percent of their pre-conflict level, although refined-product shipments remain constrained.

Still, traders continued to navigate several crosscurrents as summarized by Rebecca Babin, senior energy trader at CIBC Private Wealth Group, who remarked, "More vessels are heading to China, flows continue through Hormuz despite escalating attacks, and Russia-Ukraine headlines are adding another layer of uncertainty."