Oil Price Reverses Gains Amid Middle Eastern Flows

Crude oil prices slipped to $89 per barrel on Thursday as improved energy flows from the Middle East outweighed concerns about ongoing US-Iran negotiations.

An estimated 13.2 million barrels per day of crude shipments were passing through the Strait of Hormuz, nearing pre-war levels, while Saudi Arabia restored half its East-West pipeline's capacity.

However, market participants remain cautious, as both Tehran and Washington claim control over the strategic waterway, despite no lasting agreement to end the Iran war.

Iranian government spokesperson Fatemeh Mohajerani confirmed that a US proposal had been received regarding the reopening of Hormuz, but further details are scarce.