Oil prices experienced fluctuations over the last 24 hours, hovering around the $80 mark, influenced by mixed developments in the Middle East. Brent crude, the international benchmark, was trading near $79 per barrel on Thursday morning, reflecting a nearly 10% loss for the week.
These movements followed reports of progress between Iran and Oman in finalizing a deal to govern shipping through the critical Strait of Hormuz. This development came after an earlier rise in prices on Wednesday, prompted by claims from Iran-backed Houthi militants in Yemen that they had targeted a Saudi oil tanker in the Gulf of Aden.
Iran's foreign ministry spokesman, Esmaeil Baqaei, stated that the deal with Oman was in its final stages but cautioned that it would not guarantee safe navigation through the strait, citing security impacts from the US blockade of Iranian ports. Baqaei also indicated that the US was not involved in advancing these talks, a statement that appeared to contradict rhetoric from the White House.
President Trump referenced cancelled US strikes on Iran and suggested that significant progress had been made toward reopening the Strait of Hormuz, hinting at a possible upcoming announcement.
