Oil prices fall after Iran and Oman fail Hormuz talks
Oil prices slid this week after Iran and Oman couldn't reach a deal to reopen the Strait of Hormuz, a major route for global oil shipments.
Brent crude is now at $87 per barrel, and West Texas Intermediate sits at $81.
The failed talks come amid ongoing tensions in the region.
Gulf shipping threats raise supply concerns
Even with security threats, tankers are still moving through the Gulf, often turning off their trackers to avoid trouble.
Recent attacks on ADNOC vessels and Saudi Arabia's Jazan refinery have pushed back plans to restart operations and hit Red Sea trade.
Despite Friday's price drop, oil remains over 40% higher than since the start of the year, and the International Energy Agency warns that supplies could get even tighter soon.
A shipment headed for the US might help a bit. Domestic reserves are at their lowest level in eight years.