Oil held a decline as the US ramped up economic pressure on Iran and its trading partners in a bid to force the resumption of energy flows through the Strait of Hormuz.
Oil fell after US Treasury Secretary Scott Bessent announced what he called an “unprecedented” campaign to isolate Iran from the global economy, as the US seeks to pressure Tehran to loosen its grip on the Strait of Hormuz.
Oil capped a weekly gain as traders awaited details of a US campaign to isolate Iran’s economy, with no apparent end in sight to a conflict that has slashed Middle East exports.
Oil climbed to the highest in almost a month, as Donald Trump’s threat to crush the Iranian economy further clouded the prospect of ending a war that has upended energy markets.
Oil rose to the highest in more than three weeks, as US refiners ramped up crude consumption and a spat between the United Arab Emirates and Iran heightened regional tensions.
Oil edged up to a three-week high, with the US and Iran stuck in a deadlock over control of the Strait of Hormuz.
Oil edged higher as traders weighed a US threat to impose unprecedented economic measures on Iran, with the war that snarled the Strait of Hormuz in its sixth month.
Oil snapped its run of recent gains, as limited progress over a deal to end the Iran war left traders parsing how much oil is crossing the Strait of Hormuz.
Oil swung between gains and losses as traders parsed a barrage of data from leading energy forecasters amid little sign of a breakthrough between Iran and the US over 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.
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