US and Iran Explore Hormuz Deal as Oil Prices Rebound

Oil prices retreated in Asian trading on Friday after reports emerged of a potential deal between the US and Iran to reopen the Strait of Hormuz.

The development tempered some supply concerns, but geopolitical risks remain elevated following a Houthi missile attack on Saudi Arabia's oil infrastructure.

The attack sparked renewed concerns about Saudi oil exports, particularly from the Red Sea port of Yanbu, which has been increasing crude shipments in recent months.

US and Iranian negotiators are reportedly exploring a phased deal to reopen the strait in exchange for Washington lifting its economic blockade on Tehran.