Middle East Tensions Keep Oil Prices in Turmoil

Oil prices fluctuated around $80 per barrel in the past 24 hours due to mixed developments coming out of the Middle East. The Strait of Hormuz, a critical waterway for global oil trade, has seen progress in sealing a deal between Iran and Oman to govern shipping through it. However, Tehran's foreign ministry spokesman Esmaeil Baqaei cautioned that this agreement would not guarantee safe navigation.

Brent crude, the international benchmark for oil prices, was trading at $79 per barrel on Thursday morning, down from its peak but still holding a near 10% loss for the week. This followed a brief rise higher on Wednesday after an attack by Iran-backed Houthi militants in Yemen targeted a Saudi oil tanker in the Gulf of Aden.

Tehran officials have also disputed US involvement in advancing talks, contradicting White House rhetoric. US President Donald Trump claimed that he had called off strikes against Iran and was 'knocking the hell out' of them instead, adding that he would rather make a deal than kill people.