Brent crude near $85 amid Iran Oman Hormuz talks
Brent crude oil is holding steady around $85 a barrel after climbing more than 5% over the last three trading sessions, while US oil (WTI) sits near $79.
The market is keeping a close eye on negotiations between Iran and Oman about opening a new shipping route through the key waterway of the Strait of Hormuz, a move that could impact global oil flow.
Iran foreign minister says deal close
Iran's foreign minister says a deal is "very close," but don't expect the strait to reopen right away.
Geopolitical risks are making traders nervous, especially after the Iran-backed Houthis of Yemen claimed another attack on Saudi Aramco's Jazan refinery and an Abu Dhabi tanker over the weekend.
Saudi Aramco's CEO also warned it could take at least 18 months to get oil production back to pre-war levels, even if things calm down soon.