Oil steadies, Brent near $76 as U.S.-Iran talks continue
After a rollercoaster week, oil prices finally leveled out on Friday. Brent crude sits near $76 a barrel, and West Texas Intermediate is just under $72 a barrel.
The calm follows some pretty tense moments in the Strait of Hormuz, where recent vessel attacks led to US airstrikes and Iranian retaliation.
Basically, global oil markets are holding their breath as talks between the US and Iran continue.
Strait of Hormuz traffic slowed
This waterway is crucial for Gulf oil exports, but since recently, traffic has slowed down a lot, even though most stuck tankers have moved on.
More than 800 vessels have crossed with American help since May.
Traders are watching Saudi Arabia's next moves closely, as they prepare to announce new crude allocations.
The situation is still fluid, and everyone's keeping an eye on how these tensions play out.