Hormuz Talks Weighed Against Regional Security Risks
Oil prices swung Thursday as investors weighed diplomatic efforts to restore shipping through the Strait of Hormuz against persistent regional security risks.
The international benchmark Brent crude futures for October traded at $79.56 per barrel, up 0.14% from the previous close of $79.45, while US benchmark West Texas Intermediate (WTI) futures for September were down 0.08% at $75.16 per barrel.
Iranian Deputy Foreign Minister Kazem Gharibabadi said Iran and Oman had reached an understanding on almost all issues related to future arrangements for the Strait of Hormuz, but emphasized that this did not amount to a full reopening of the waterway.
Regional security risks remained high after Yemen's Houthi group claimed missile attacks on two Saudi oil tankers in the Red Sea and the Gulf of Aden.