Brent fell about 1% to $114.81 and WTI to $100.88 as Tehran talks lifted hopes of a US-Iran breakthrough, despite Houthi attacks on Saudi Arabia.
Strait of Hormuz
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In the NewsOil & Gas
Oil prices retreat as Hormuz shipping attacks meet US push to ease tanker sanctions
Brent fell about 1.6% to near $104 a barrel as Hormuz shipping attacks clashed with a US plan to ease sanctions on oil vessels.
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Brent crude rose above $101 a barrel as tanker attacks near Hormuz and a Gulf of Mexico hurricane threatened supply despite emergency stock releases.
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Iran says the Strait of Hormuz will stay shut until the United States meets seven conditions, leaving oil above $100 and energy markets anxious
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Middle East crude exports hit their highest level since the Iran war began, led by a rebound in Saudi shipments through the Strait of Hormuz.
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Gulf states called off a planned meeting with Iran as Yemen’s Houthis struck a Saudi airbase, sending oil prices higher amid a widening Middle East war.
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Oil rose more than 3 percent after new Houthi strikes on Saudi Arabia and Gulf tanker attacks deepened fears over a shut Saudi pipeline.
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A marine fuel supply squeeze at major shipping hubs has eased as the market adapts to prolonged Strait of Hormuz disruption, industry sources say.
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Brent crude rose above $100 a barrel for the first time since July as escalating Middle East conflict deepened fears over regional oil supply.
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Iran says it will soon declare a new restricted zone in the Gulf and new Strait of Hormuz shipping maps, as fresh US-Iran attacks on ships lifted oil prices.