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Oil set for weekly decline as Iran tensions deepen

Brent was near $89.2 per barrel and WTI near $83.2, even as the U.S. announced its most severe sanctions aimed at reopening the Strait of Hormuz.

Reported · Written up by our desk · Energy

Crude oil was on track for another weekly loss as tensions between Iran and the United States persisted without visible progress toward peace, according to OilPrice citing Reuters. At the time of writing, Brent traded around $89.17 per barrel and West Texas Intermediate around $83.19 per barrel, with Brent down 5.3% for the week and WTI set for a 4.3% decline. The article pointed to vessel tracking reporting that tanker traffic through the Strait of Hormuz remained weaker than before the war. It also noted that oil prices slipped despite U.S. Treasury actions described as the toughest sanctions in history, aimed at forcing Iran to reopen the strait. OilPrice also referenced reporting from the Wall Street Journal that the Trump administration told mediator parties it had no interest in returning to the ceasefire terms agreed in June, which did not last a month. The piece quoted a White House spokeswoman saying there were no talks or conversations scheduled with Iran and that the naval blockade and an operation described as aimed at cutting economic support for the regime were continuing.

Latest closeWTI crude $81.58 ▼0.9%|Brent $86.32 ▼2.5%

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