US-Iran Stalemate Drags Oil Prices Down

Oil prices have remained steady on Friday but are poised to end the week in the red. Brent crude futures are down 0.6% at $89.18 a barrel, while West Texas Intermediate (WTI) crude is down 1.2% to $82.52.

The US-Iran diplomatic stalemate has weighed heavily on oil markets, with traders concerned about flows through the Strait of Hormuz. While Iran has agreed to draw up conditions for restoring normal traffic, only seven commodity vessels transited through the strait on Thursday, down from 17 a day earlier.

Goldman Sachs estimates that Gulf exports are still below pre-war levels but have recovered somewhat in recent weeks. Meanwhile, Trump administration officials are working on a deal to secure long-term access to Venezuela's crude reserves, which could lower oil import costs.