Market Overview
Oil prices fell early Thursday, extending a decline to a fourth consecutive session as markets held out hopes for improved supplies from the Middle East.
Price Movement
West Texas Intermediate (WTI) crude futures slipped 0.5% to $81.83 a barrel by 19:51 ET (23:51 GMT), wiping out roughly a 6% decline that had accumulated over the previous three sessions.
Diplomatic Developments
Iran and Oman reportedly reached an agreement on commercial shipping routes through the Strait of Hormuz. Tehran, however, cautioned that the agreement may not immediately lead to the reopening of the crossing.
Sanctions and Retaliation
The United States imposed stricter sanctions on Iran during the week. Tehran publicly decried the measures and warned of possible retaliation.
Additional Geopolitical Signals
Russian state media indicated that the United States and Iran had reached a new cease‑fire deal that would be announced in the coming days. Separately, Pakistan – acting as a regional mediator – flagged progress in peace talks with Iran.
Shipping Flow Data
Data on vessel movements through the Strait of Hormuz showed that flows remain at only a fraction of pre‑war levels. Prior to the conflict, the strait supplied roughly 20% of the world’s crude oil, underscoring its strategic importance.
Accusations
Iran accused the United States of obstructing the Iran‑Oman agreement aimed at reopening the Hormuz crossing.