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Oil holds near $90 as Hormuz transit uncertainty tempers Iran sanctions
ICE Brent stayed around the $90 per barrel level even after the US announced sweeping Iran sanctions, as negotiations for a possible temporary shipping corridor failed to reopen the strait.
Oil prices largely held near the $90 per barrel range for ICE Brent despite the US announcement of sweeping sanctions targeting Iran, with uncertainty around Hormuz transit risk continuing to drive day to day price action, OilPrice reported.
The outlet said Qatari and Pakistani mediation has not yet brought the warring sides closer, and that after President Trump rejected extending a June memorandum of understanding in any form, the on and off nature of Hormuz shipping routes is expected to be the main determinant of price moves in the coming days.
Iran and Oman are negotiating a temporary shipping corridor, with reported progress on control and revenue sharing, while Tehran maintained that passage would remain blocked until Washington lifts sanctions, ends its blockade, and pays compensation, according to OilPrice.
Separately, OilPrice noted that Saudi Aramco has sold at least 4 million barrels of Arab Medium and Heavy to PetroChina for September loading outside the Hormuz strait, aiming to route volumes around the risk as Gulf loadings from Yanbu reportedly falter.
Latest closeBrent $86.32 ▼2.5%