Oil prices move higher after Yemen's Iran-backed Houthis claim Saudi tanker strike
Oil prices remain volatile as the U.S., Iran, and Oman negotiate a deal to manage shipping in the Strait of Hormuz. Tensions persist following reports of a Houthi missile strike on a Saudi tanker near the Red Sea.
Why it matters
The Strait of Hormuz is a critical global energy chokepoint; instability there directly impacts global oil supply and market prices.
Crude prices were little changed Wednesday on reports that the U.S., Iran and Oman were working on an agreement to manage ship traffic in the Strait of Hormuz.
Brent crude , the international benchmark, was up 7 cents at $79.43 per barrel. U.S. West Texas Intermediate futures traded 50 cents lower to $75.27.
The U.S., Iran and Oman are negotiating an interim deal in which inbound ships would transit Iran's territorial waters while outbound ships would sail through Oman's waters in coordination with Tehran, two regional sources told Axios.
President Donald Trump told Fox News late Tuesday that the negotations went all day long. "It looks like things are very good," Trump said.
Treasury Secretary Scott Bessent told CNBC Tuesday morning that a deal to unlock the waterway — a vital transit route for oil, gas, fertilizer and other industrial products — could be reached this week.
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