Brent traded near $79 per barrel on Thursday, holding recent losses as Iran and Oman reached an agreement on a shipping route through the Strait of Hormuz, fueling expectations of increased energy flows from the Middle East. A joint statement from both countries is currently under review and in the final drafting stage, with the proposed route expected to remain operational for two to four months, although Tehran stressed that the agreement does not amount to a full reopening of the strategic waterway.
Meanwhile, US officials continued to express confidence that a deal with Iran was nearing, though investors remained cautious about the durability of any lasting peace in the region.
Iran-backed Houthi militants in Yemen also claimed they had targeted a Saudi oil tanker in the Gulf of Aden and threatened other vessels in the Red Sea, underscoring ongoing risks to regional shipping.