Oil slips as U.S. and Iran explore phased Strait of Hormuz deal

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Oil prices edged lower in Asian trading Friday after reports that the U.S. and Iran were exploring a phased deal to reopen the Strait of Hormuz, easing some supply concerns even as a Houthi missile attack on Saudi Arabia kept geopolitical risks elevated. Brent crude futures expiring in November fell 0.6% to $105.94 per barrel, while West Texas Intermediate crude slipped 0.8% to $93.86 per barrel, after both benchmarks had climbed as much as 5% in the previous session before paring gains on news of the U.S.-Iran talks. Negotiators in New York are reportedly exploring a phased path out of the conflict that would involve Tehran reopening the Strait of Hormuz in exchange for Washington lifting its economic blockade of Iran, with Reuters reporting that only 17 commodity vessels crossed the strait over one recent weekend versus a pre-war average of about 125 vessels a day. Saudi Arabia said Thursday it intercepted six ballistic missiles fired by Yemen's Iran-backed Houthis toward areas including Taif and the Yanbu region on the Red Sea, reviving concerns about Saudi oil infrastructure and export routes after earlier damage to the kingdom's East-West pipeline disrupted crude shipments to Yanbu. U.S. inventory data offered a counterweight, with commercial crude stocks rising 3 million barrels in the week ended Sept. 18 against analysts' expectations for a 641,000-barrel draw, while gasoline inventories fell 1.7 million barrels and distillates declined 400,000 barrels; separately, Reuters reported that the Trump administration is weighing ways to boost domestic diesel supplies, with Energy Secretary Chris Wright contacting major refiners about a voluntary restriction on diesel exports.

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⛏Brent Crude Oil Futures
BRENT
▼ NegativeSupplyrelevance

Prospect of the Strait of Hormuz reopening and a 3-million-barrel U.S. crude stock build ease supply worries, pushing Brent lower

⛏Crude Oil WTI Futures
WTI
▼ NegativeSupplyrelevance

U.S.-Iran phased deal to reopen the Strait of Hormuz eases supply concerns, pressuring WTI; rising U.S. crude stocks add to the bearish supply picture

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