There have been numerous tit-for-tat attacks on shipping in the Strait of Hormuz in recent weeks
The outlook remains highly uncertain
The latest U.S. action under “Operation Economic Outcast” targets all Iranian airlines
The wars have shut down refineries with about 5 million barrels per day
The U.S. has reportedly started returning its diplomats to Gulf states
Shipping traffic through the Strait of Hormuz slowed to a halt over the weekend
No negotiations have been held between us and the United States at this time,
The S&P 500 was headed for its third straight weekly advance
Investors will next turn to a key batch of inflation data
Oil prices jumped sharply early on Tuesday
Oil prices rose Friday as investors waited for an agreement
Oil futures settled more than $3 a barrel higher on Thursday
Tehran was supposed to allow commercial vessels to transit the Strait of Hormuz
Trump said an agreement with Iran to reopen the Strait of Hormuz could be reached soon
Bessent said a deal to reopen the Strait of Hormuz could be agreed
Iran’s army said on Friday it had launched attacks on strategic U.S. assets
The international waterway remains open for transit despite recent attacks
The U.S. military disabled an unladen oil tanker
Brent crude futures, the international benchmark, advanced about 3% to trade at $86.73 per barrel
U.S. West Texas Intermediate futures fell 81 cents, or 1%, to $78.79 a barrel
The developments followed several nights of US airstrikes
Qatar is pausing efforts to rapidly revive production
Saudi Arabia has shipped about 34 million barrels of oil through Hormuz
France said it has deployed mine countermeasures to the Middle East
Vance said that while a “very good foundation for a successful final deal” had been laid, he said that there is “still a lot to do”
a lasting resolution to the conflict could drive a surge in supply volumes
Iran would be rewarded for compliance, including the unfreezing of assets and the easing of sanctions
Tehran has not approved any text for an initial memorandum of understanding with the U.S
Tensions remain high and the sides saw their worst skirmishes this week
Hopes of further progress in US-Iran talks have been dashed