Oil Headed For Weekly Loss Despite Doubts Over Hormuz Diplomacy
(RTTNews) - Oil prices were subdued on Friday and headed for a weekly loss amid improving supply prospects through the Strait of Hormuz.
Brent crude futures edged down slightly to $88.49 a barrel and were on track to snap a two-week winning streak following reports of additional oil flowing through the Strait of Hormuz.
WTI crude futures were down 0.2 percent at $83.40 a barrel amid expectations that talks between Iran and Qatar might open the Strait of Hormuz and reduce supply disruptions from the Middle East war.
The White House confirmed it was not in talks with Iran despite diplomatic efforts by other countries.
Iran's military said it had reached a revenue-sharing agreement with Oman over the strategic waterway, although Tehran stressed that the Strait of Hormuz cannot be opened due to ceasefire breaches by the U.S. and Israel.
Elsewhere, geopolitical tensions escalated after Moscow warned it could strike British military targets inside and outside Ukraine over U.K. support for Ukraine.
However, U.S. President Donald Trump insisted Russian leader Vladimir Putin would not attack a North Atlantic Treaty Organization (NATO) country.
He also downplayed reports that Washington had warned Moscow against a possible move on Europe.
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