Oil Prices Rise as Traders Assess Shipping Flows Through Key Waterways
Oil prices rose over 1% on Friday as traders assessed shipping flows through key waterways. Brent futures were up $1.01, or 1.13%, at $90.04 a barrel by 1118 GMT, while U.S. West Texas Intermediate (WTI) crude was up $1.18, or 1.41%, to $84.77 a barrel.
The Strait of Hormuz remained a focal point for traders, with Iranian media outlets claiming that some tankers were forced to turn around due to low flows of vessels crossing the strait. However, two very large crude carriers (VLCCs) carrying oil loaded from the Gulf did exit the strait on Friday, according to Kpler ship-tracking data.
Talks between Iran and Oman on managing the Strait of Hormuz continue, despite Iran rejecting Oman's proposal for joint management of the waterway. Saudi Arabia is seeking to lead a coalition to boost defence cooperation in the Bab el-Mandeb strait, the Red Sea, and the Gulf of Aden.