Oil prices slipped, with Brent at $94.95/bbl (-0.5%) and WTI at $88.04/bbl (-1.8%) amid US-Iran ceasefire talks.
The US seized an Iranian-flagged cargo ship, prompting Iran to close the Strait of Hormuz, disrupting about 20% of global oil flow.
Saudi Arabia and UAE increased bypass loading to 6.5 million bpd via Yanbu and Fujairah, up from 5.0 million bpd pre‑war.
President Trump affirmed the naval blockade will stay until a peace deal, while Iranian officials reject talks under US threat.