Brent Crude Stabilizes After Consecutive Losses Amid Shipping Deal Uncertainty

Brent crude oil price stabilized on Thursday after three consecutive sessions of losses, as investors weighed the implications of a proposed shipping agreement through the Strait of Hormuz.

Iran announced it had reached an agreement with Oman on a temporary shipping route, but officials stressed that this would not amount to a full reopening of the strategic waterway.

US officials remained confident about a deal with Iran, but investors were cautious about the durability of any lasting peace in the region. The UK Navy reported explosions near a tanker transiting the strait, and Iran-backed Houthi militants claimed attacks on a Saudi oil tanker and threatened additional vessels in the Red Sea.