Oil Prices Hold Steady Near $90 Amid Ongoing Disruptions

Oil prices are experiencing an 8% weekly loss, but ongoing disruptions in the Strait of Hormuz and the Red Sea continue to support oil prices near $90 a barrel. The reality of two disrupted waterways in the Middle East halted the sell-off earlier this week.

Saudi Arabia is seeking to organize a maritime coalition against the Houthis, with 13 other countries joining forces. This move comes after Iran rejected Oman's proposal for a joint regional management of Hormuz and there being no new US-Iran talks on the agenda.

Meanwhile, UK oil major BP has formally launched a process to sell its UK North Sea oil and gas business, citing high taxes and a worsening investment climate. This marks a historic retreat from a basin where it has operated for more than six decades.