Oil Holds Gain as Pakistan Says US and Iran Close to Hormuz Deal

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Or sign-in if you have an account.(Bloomberg) — Oil held a five-day gain as traders monitored efforts to reach a deal that could help restore energy flows through 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 AccountBrent traded near $89 a barrel after rising 12% over the previous five sessions, while West Texas Intermediate was above $83. Pakistan’s defense minister said Washington and Tehran are “close to some sort of arrangement” over the strait. Talks on Hormuz between Iran and Oman have also reached an advanced stage, Al Jazeera reported, citing a Qatari foreign ministry spokesperson.Oil futures have been sensitive to headlines on efforts to reopen the crucial waterway, repeatedly swinging between optimism that a deal is near and signs that progress has stalled. Tensions in the region remain elevated, with a US Navy helicopter firing two Hellfire missiles at a Panama-flagged cargo vessel that was attempting to breach a blockade of Iranian ports.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 againIt’s “hard to have any conviction,” said Helge Andre Martinsen, a senior oil analyst at DNB Bank ASA. The market is “very headline driven.”Visible traffic through Hormuz is down to a trickle, but some oil is exiting the Persian Gulf, often on tankers with their transponders switched off. US Energy Secretary Chris Wright said in a social media post that almost 9 million barrels a day is crossing the strait with US military assistance.Crude has surged more than 40% this year, while some product prices have rallied even harder, with diesel also advancing from the impact of the Russia-Ukraine war. The US expects oil disruptions stemming from the Iran conflict to reach about 600,000 barrels a day through the end of 2027, according to the Short-Term Energy Outlook from the Energy Information Administration.Pakistan’s Defense Minister Khawaja Asif told reporters on Tuesday that “things are shaping up in favor of peace,” without elaborating. The Asian country has been mediating efforts to end the war. The upbeat assessment came after President Donald Trump toughened his stance on Iran.Separately, the industry-funded American Petroleum Institute reported US crude inventories expanded by 9.1 million barrels last week, according to a document seen by Bloomberg. If confirmed by official data on Wednesday, that would be the biggest increase since February.Further insight into global market conditions will come later Wednesday from the International Energy Agency and the Organization of the Petroleum Exporting Countries, which are scheduled to issue their monthly reports.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.