Oil Steady as Tankers Keep Sailing Despite Strait of Hormuz Tensions

Oil prices held their decline on Wednesday as crude-laden tankers continued to leave the Persian Gulf, even as threats persist and talks between Iran and Oman to reopen the strategic Strait of Hormuz show little progress. The strait, a narrow waterway through which about a fifth of the world’s oil passes, remains open for now, according to shipping data. However, the lack of a clear deal between Tehran and Muscat keeps traders on edge. Iran and Oman have been in discussions to ease restrictions, but no breakthrough has been announced. Meanwhile, the steady flow of tankers suggests that, for the moment, supply disruptions have not materialized. Analysts say the market is watching for any sudden shift in the strait’s status, as a full closure could quickly push prices higher. For now, the downward drift reflects a market that sees no immediate shortage.