Oil Holds Decline With Focus on Iran Negotiations, Hormuz Flows

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessOil Holds Decline With Focus on Iran Negotiations, Hormuz FlowsOil was steady after its biggest drop in a week, as President Donald Trump said his latest offer of talks is Tehran’s “last chance” and that he expects a full reopening of the Strait of Hormuz.Author of the article:Nicholas Lua and Gabriel Levin You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Oil was steady after its biggest drop in a week, as President Donald Trump said his latest offer of talks is Tehran’s “last chance” and that he expects a full reopening of the Strait of Hormuz.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountWest Texas Intermediate slipped to around $80 a barrel, after losing more than 5% on Monday, while Brent closed near $84 in the previous session. “We’re talking about the strait, the opening of the strait, having it open literally by tomorrow,” Trump told reporters in the Oval Office on Monday.“This is a last chance for them to sign a good document,” he said, without clarifying what negotiations he was referring to or who was involved. “I want to give them every last chance before decapitation.” Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againTehran denied it was talking with the US, but said discussions with Oman to get more ships moving through the Strait of Hormuz are making progress. Washington must “take the first step and change its behavior,” Mohsen Rezaee, adviser to Iran’s Supreme Leader, said on Iranian state TV.Oil has swung wildly in recent weeks as fighting resumed following the collapse of a June truce and as the conflict expanded to the Red Sea. Trump has repeatedly cited diplomatic efforts when he backed off threats of military escalation only to see talks fail, and on Monday called off an attack on Iran that he said would have been the biggest since World War II.“As long as there are these openings to move barrels around, I think this on-off can continue,” said Carolyn Kissane, associate dean at New York University’s Center for Global Affairs. “Iran doesn’t want to escalate but does want to keep up the tension, and there will be more attacks after this market retreat. We have been here before.”Commodity shipments through the Strait of Hormuz — which carried about a fifth of the world’s crude oil and liquefied natural gas before the war — have slowed to a trickle. Meanwhile, the key Saudi export port of Yanbu in the Red Sea appeared to have its busiest day since Houthi threats upended shipping in the region, as more ships transited dark through the Bab el-Mandeb chokepoint.However, Saudi Arabia’s observed crude exports edged lower in July as threats to vessel traffic in the Persian Gulf and Red Sea held back the kingdom’s shipments. Exports totaled 4.19 million barrels a day, according to tanker-tracking data compiled by Bloomberg, 460,000 barrels a day lower than the previous month.With global energy markets under pressure from the Iran war, Ukraine’s shifting strikes across Russia’s oil supply chain increase the risk of further disruptions to global flows. Large refineries, oil tankers, and sea and major pipeline infrastructure were hit at least 30 times in July — the second-highest monthly number of strikes since Russia’s full-scale invasion in 2022.In recent days, four tankers have completed loadings at the Caspian Pipeline Consortium terminal, a Black Sea port on Russia’s coast crucial to Kazakhstan’s crude exports. Recent attacks on oil tankers in the area have made some vessel owners cautious about loading there. —With assistance from Kanoko Matsuyama.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.