Oil prices zig-zagged between negative and positive territory on Friday as traders weighed supply disruptions against the potential restart of peace talks between the U.S. and Iran that could help limit those
Oil prices zig-zagged between negative and positive territory on Friday as traders weighed supply disruptions against the potential restart of peace talks between the U.S. and Iran that could help limit those disruptions.
Prices rose 2% earlier in the day on fears of renewed military escalation in the region after Iran released footage on Thursday of commandos boarding a cargo ship in the Strait of Hormuz, and as progress stalled on re-opening the key waterway.
Crude futures then pulled back after Reuters reported that Iranian Foreign Minister Abbas Araqchi was expected to arrive in Islamabad late on Friday to discuss proposals for resuming peace talks with the U.S. after talks collapsed earlier this week.
Prices fell further after CNN reported that U.S. President Donald Trump was sending special envoy Steve Witkoff and Jared Kushner to Pakistan for talks with Iran's foreign minister.
"The (Strait of Hormuz) disruption has created a complex logistical challenge that will take time to resolve .... Clearing this backlog will take weeks, as vessels are sequenced through ports that are themselves operating under constrained conditions," said Saxo Bank analyst Ole Hansen in a note.
At 12:05 p.m. EDT (1505 GMT), Brent crude futures were down 58
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