Oil held a four-day gain as traders monitored efforts to reach a deal that could help restore energy flows through the Strait of Hormuz.
Oil edged up in a choppy session as traders expressed skepticism over the potential for a deal that would imminently restore flows through the Strait of Hormuz, even as officials tout progress.
Oil embarked on a steady climb higher as Iran and Oman remained short of a deal to reopen the Strait of Hormuz, while European diesel prices surged following an attack on a Saudi Arabian refinery near the Red Sea.
Oil steadied as tensions in the Middle East flared while traders monitored progress toward a deal between Iran and Oman to restore shipping through the Strait of Hormuz.
Oil extended gains after an Iranian news agency reported that the Islamic Republic struck “hostile targets” in the Strait of Hormuz.
Oil fell for a third straight session on signs that the US and Iran are nearing a deal to reopen the Strait of Hormuz and restore millions of barrels of daily shipments disrupted by months of war.
Oil slid to the lowest in over three weeks as optimism grew that the US and Iran are moving closer to an agreement that would reopen the vital Strait of Hormuz chokepoint.
Oil fell after US President Donald Trump called off a planned attack on Iran and said new talks with the Islamic Republic would begin on Monday.
<iframe src="https://statesidedaily.com/embed/cluster/8b910c32c7f3f4ec4406da0546bf4d6fd087701b" width="100%" height="320" style="border:0;max-width:680px" loading="lazy" title="Latest Oil Market News and Analysis for Aug. 12"></iframe>
