Oil Prices Soar Amid Strait of Hormuz Talks and Saudi Tanker Attacks

Oil prices surged on Thursday as investors watched talks between Iran and Oman for signs of restored shipping through the Strait of Hormuz. Reports of attacks on Saudi tankers in the Red Sea and Gulf of Aden added to concerns about supply disruptions, driving Brent crude futures up by $80.28 per barrel.

Iran and Oman have agreed on the geographic coordinates of a shipping route through the Strait, which accounts for roughly 20% of global daily oil and liquefied natural gas shipments. However, traders remain cautious about the potential fragility of any new deal, citing the short-lived Memorandum of Understanding signed in June.

Crude oil exports from Gulf countries were stable in July but remained about 40% below pre-war levels, according to shipping data. Iran has warned Gulf states that any renewed US attack on its territory would prompt strikes against critical energy infrastructure across the region.