Iran's Parliament is weighing a bill to permanently bar U.S., Israeli and other vessels it deems hostile from the Strait of Hormuz, even as President Trump claims a final deal is close. Iran and Oman separately worked on a shipping-corridor plan for the strait this week, and Saudi Aramco adjusted its September crude pricing.
Iran's Parliament is weighing a bill to permanently bar U.S., Israeli and other vessels it deems hostile from the Strait of Hormuz, Oilprice.com reported. The push comes alongside a flurry of drone and missile strikes in the strait, even as President Trump has claimed a final deal to ease the standoff is close.
Brent tops $84 as traders shrug off strikes
ICE Brent was on track to close the week at $83 a barrel, Oilprice.com reported Friday. A separate market check from Investing.com found Brent pushing above $84 and settling into the low-to-mid $80s, while WTI traded between $77 and $79 during the same session.
Thursday-night strikes near Qeshm Island — which Iranian media described as hits on "hostile targets" — did not spark the sharp rallies seen earlier in the standoff, Investing.com said. Shipping flows through the strait remain well below pre-war levels, though traffic picks up whenever the fighting pauses, the outlet added.
Iran and Oman float a Hormuz corridor plan
Tehran and Muscat have also agreed on the coordinates of a proposed shipping corridor that would give Iran more control over Gulf-bound vessels, Oilprice.com reported. Iranian officials cautioned, however, that key details remain unresolved and that the agreement alone would not guarantee security in the strait.
Separately, Saudi Aramco cut its flagship Arab Light grade for Asia by 50 cents to a $2-a-barrel discount against Oman/Dubai but raised the scarcer Arab Medium and Heavy grades by $1.25 a barrel, Oilprice.com reported. The split pricing move suggests Aramco could boost Gulf output soon, the outlet said.
Sources: Oilprice.com, Commodities Analysis & Opinion
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