Overview
- Iran and Oman have agreed geographic coordinates for a possible passage through the Strait of Hormuz, and Tehran said a joint statement was being finalised while stopping short of calling the route operational.
- Markets reacted cautiously and volatilely, with Brent trading around $79–$82 per barrel as traders weighed the diplomatic signal against persistent threats to shipping.
- U.S. crude inventories unexpectedly rose by about 2.5 million barrels last week, a surprise build that softened near‑term price pressure in oil markets.
- Yemen’s Houthi forces claimed missile strikes on two Saudi oil tankers in the Red Sea and Gulf of Aden, which Saudi authorities had not confirmed and which kept physical shipping risks elevated.
- Gulf exports remain far below normal — roughly 40% under pre‑conflict levels — forcing reroutes, higher freight and insurance costs, and prompting Saudi Aramco to deepen its Asia discount for September Arab Light to $2 per barrel.