Oil Holds Three-Day Drop as Iran, Oman Reach Hormuz Agreement

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 Three-Day Drop as Iran, Oman Reach Hormuz AgreementOil held losses as Iran said it reached an agreement with Oman on a proposed shipping route through the Strait of Hormuz, raising the prospect of some energy flows resuming through the critical waterway.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 held losses as Iran said it reached an agreement with Oman on a proposed shipping route through the Strait of Hormuz, raising the prospect of some energy flows resuming through the critical waterway.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 traded near $75 a barrel, after losing 11% in the week’s first three sessions, while Brent closed above $79 on Wednesday. A joint statement from both countries is under review, and a deal would be struck if third parties don’t obstruct the process, an Iranian official said. The route would be temporary and remain active for “two to four months,” Iranian Deputy Foreign Minister Kazem Gharibabadi told domestic media, adding that “this understanding does not mean the full reopening” of the strait.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 againCrude prices have declined on optimism that some form of accord to restore traffic through the waterway is near, with US President Donald Trump touting yet again that a deal is close. Still, uncertainties remain and traders have been reluctant to fully unwind long positions, wary of being caught wrong-footed by a sudden escalation.“US oil prices have already fallen below $80 per barrel as the global oil market evaluates the potential of a deal with Iran,” said Rob Thummel, senior portfolio manager at Tortoise Capital. “If a deal is reached, then it is possible for oil to head toward $70 per barrel.”In a sign of persistent risks to shipping in the Middle East, Iran-backed Houthi militants in Yemen said they targeted a Saudi oil tanker in the Gulf of Aden. The group also threatened others in the Red Sea. —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.