Oil Retreats on Talks of a Phased Deal
Crude oil eased below $94 a barrel on Friday as US and Iranian negotiators explored a phased agreement to reopen the Strait of Hormuz. The proposed arrangement would reportedly involve Tehran restoring access through the strait while Washington lifts its blockade of Iranian ports. However, previous negotiations have repeatedly appeared close to a breakthrough before collapsing. A White House official said President Donald Trump remained open to discussions with Iran but argued that the US was under no pressure to negotiate given its sanctions campaign and blockade. Oil markets have remained volatile throughout the week, responding to mixed signals over prospects for peace, signs of recovering Middle East energy flows and speculation that Washington could restrict diesel exports. Despite recent gains, the US oil benchmark is down by around 2% this week, reflecting continued uncertainty over the potential reopening of the key shipping route and the broader supply outlook.
Crude oil eased below $94 a barrel on Friday as US and Iranian negotiators explored a phased agreement to reopen the Strait of Hormuz. The proposed arrangement would reportedly involve Tehran restoring access through the strait while Washington lifts its blockade of Iranian ports. However, previous negotiations have repeatedly appeared close to a breakthrough before collapsing. A White House official said President Donald Trump remained open to discussions with Iran but argued that the US was under no pressure to negotiate given its sanctions campaign and blockade.
Oil markets have remained volatile throughout the week, responding to mixed signals over prospects for peace, signs of recovering Middle East energy flows and speculation that Washington could restrict diesel exports. Despite recent gains, the US oil benchmark is down by around 2% this week, reflecting continued uncertainty over the potential reopening of the key shipping route and the broader supply outlook.