Brent crude fluctuates near $88 amid Strait of Hormuz uncertainty
Brent traded around $88 a barrel after three straight sessions of losses, as improving Strait of Hormuz supply prospects competed with disruptions to Russian energy exports and broader Russia-Ukraine escalation risk. Iran-Oman talks add uncertainty.
Brent crude oil traded around $88 a barrel on Thursday after three consecutive sessions of losses, as markets weighed improving supply prospects through the Strait of Hormuz against growing disruptions to Russian energy exports.
Iran’s military said it had reached a revenue-sharing agreement with Oman over the strategic waterway, raising hopes that shipping disruptions could ease.
However, Tehran stressed that the arrangement does not guarantee an immediate reopening of the strait, keeping uncertainty elevated.
Saudi Arabia also appears to be increasing oil loadings from Persian Gulf terminals as it seeks alternatives to routes exposed to Houthi attacks in the Red Sea.
Meanwhile, concerns are growing over potential further escalation of the Russia-Ukraine war.
Continued Ukrainian strikes on Russian refineries and ports are disrupting the country’s energy infrastructure and could limit its ability to export crude and refined products.