Oil Holds Steady As Markets Watch Hormuz Negotiations
(RTTNews) - Oil prices held steady on Thursday as investors awaited further clarity on the progress of U.S.-Iran talks to reopen the Strait of Hormuz, a critical waterway for energy supplies.
The Iranian-backed Houthi rebels in Yemen claimed they had fired ballistic missiles towards a Saudi oil tanker on the Red Sea off the Saudi Port of Yanbu, underscoring ongoing risks to regional shipping.
Brent crude futures were up 0.4 percent at $79.73 a barrel while WTI crude futures edged up by 0.2 percent to $75.39.
As diplomatic efforts to ease tensions between the United States and Iran gather pace, Iran said it is in the final stages of drafting an agreement with Oman on new commercial shipping arrangements for the Strait of Hormuz, but denied the U.S. was involved in the negotiations.
A joint statement from Tehran and Muscat is under review and in the final drafting stage, Iranian Foreign Ministry spokesman Esmail Baghaei said, adding a deal would be struck "if certain third parties do not obstruct this process."
U.S. President Donald Trump said "a lot of progress had been made" on the subject of reopening the Strait of Hormuz and a deal could be announced this week.
U.S. Vice President JD Vance told Fox News the Iranians are "extraordinarily difficult people", describing the effort to end the war as "messy" and that "it's going to take some time."
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