Brent crude slips toward $87 as Middle East diplomatic progress emerges
Brent crude slipped toward $87 a barrel for a fourth straight session. Iran and Oman agreed on shares of Strait of Hormuz waters and related revenues; Trump said 10 million barrels passed through on Tuesday.
Brent crude slipped toward $87 per barrel on Thursday, extending its decline to a fourth straight session amid signs of diplomatic progress in the Middle East.
Iran and Oman reached an agreement over each country’s share of the Strait of Hormuz’s waters and related revenues, although Tehran cautioned that reopening the crucial waterway would require more than an agreement with Oman.
Meanwhile, President Donald Trump said 10 million barrels of oil had passed through Hormuz on Tuesday, while reiterating claims that mines in the waterway had been cleared.
Oil prices have also come under pressure this week after fresh US economic sanctions on Iran proved less aggressive than markets had feared, with the White House so far sparing Iran’s trading partners from tougher measures.
Elsewhere, Russian President Vladimir Putin was reportedly planning an escalation in Ukraine, keeping risks to global energy supplies in focus.