Oil fell on Friday as markets weighed US-Iran ceasefire talks against continuing
risks from escalating Houthi attacks on Saudi Arabia that could disrupt
supplies. Sources said negotiators met in New York this week and discussed a
phased end to the conflict, including Tehran reopening the Strait of Hormuz and
Washington lifting US economic sanctions on Iran. Iranian president PEZESHKIAN
said Thursday the war’s end depends on US decisions. Refinitiv ship-tracking
data show physical supply remains fragile: 10 bulk carriers transited the Strait
of Hormuz on Wednesday, up from seven the day before but well below a ten-day
average of about 17. Diplomatic progress could trim some geopolitical premium,
but shipping flows indicate normalization remains some way off.
