Strait of Hormuz Tanker Traffic Slumps as Oil Flows Recover

Brent crude rose above the $90 a barrel mark on Friday as concerns over the prolonged Middle East conflict continued to support prices, even as a recovery in regional oil exports provided a potential ceiling to further gains

Qatar has stepped up diplomatic efforts to revive stalled talks between Iran and the United States, with the Gulf state’s Prime Minister, Sheikh Mohammed bin Abdulrahman Al Thani, travelling to Tehran as Washington maintains that it is not currently negotiating with Iran.

Crude oil prices are heading for a sharp weekly decline despite persistent tensions between Iran and the United States and continued disruption to tanker traffic through the Strait of Hormuz.