WTI Oil Pulls Back Below $76.00 Amid Ongoing Diplomatic Efforts

Oil prices are taking a breather on Friday, with WTI trading just below $76.00 amid ongoing diplomatic efforts to resolve the US-Iran conflict.

Hopes of a swift resolution are limiting rallies for now, as investors await the outcome of negotiations between Iran and Oman to reopen the Strait of Hormuz.

Iran's consideration of a plan to ban US and Israeli vessels from the waterway has raised concerns about supply disruptions, with potential fees ranging from 5-7% of cargo.

Rabobank analysts caution that global stockpiles remain finite, warning that the current drawdown will eventually run out.