Oil Holds Near $77 as Hormuz Talks Collide With Renewed Middle East Tensions

Crude oil traded around $77 per barrel on Friday, swinging between gains and losses as developments surrounding the Strait of Hormuz remained mixed.

Negotiations involving Iran and Oman raised the prospect of a partial reopening of the strategic waterway, but optimism faded after reports that Tehran was seeking to exclude U.S. and Israeli vessels and impose fees on countries it considers hostile.

The United States has pushed for unrestricted passage and a return to pre-war shipping conditions, leaving significant differences between the two sides over the terms of any agreement.

President Donald Trump said the conflict could end “pretty soon” and indicated that discussions were progressing.

At the same time, reports that Iran had attacked what it described as hostile targets in the Strait of Hormuz following explosions near Qeshm Island added fresh uncertainty over maritime security.

Separately, Iran-backed Houthi militants said they had carried out a large-scale attack against forces aligned with Yemen’s Saudi-backed government, adding another source of instability in the region.

The Strait of Hormuz remains one of the world’s most important oil transit routes, making any restrictions on vessel traffic a significant factor for global crude supply and pricing.