19.06.202611:05:47UTC+00Brent Holds Near $80, Set for Weekly Loss

Brent crude oil hovered near $80 per barrel on Friday, with trading remaining volatile amid fluctuating tanker flows through the Strait of Hormuz and renewed uncertainty surrounding US-Iran negotiations on a longer-term peace deal. Market data indicated that shipping activity had slowed following an earlier surge in tanker movements, with no outbound vessels observed leaving the Persian Gulf on Friday morning. By contrast, nearly 10 million barrels of crude were seen transiting or positioned near the strait on Thursday, including the first Saudi-owned tankers to move since the conflict began more than three months ago. However, optimism stemming from an interim US-Iran agreement was dampened after planned talks in Switzerland were postponed, raising doubts about the sustainability of any supply recovery. Despite the recent stabilization, crude remained on course for a weekly loss of about 8.5%, giving back most of the gains accumulated at the peak of the conflict.