The number of vessels passing through Bab el-Mandeb rose to 28 on Monday, a four-day high, while traffic through the Strait of Hormuz remained low, according to Kpler shipping data, amid optimism about a potential resolution to the U.S.-Iran conflict. Traffic was still below the month's peak of 46 vessels recorded on July 14, the data showed. U.S. President Donald Trump said on Monday that Washington's negotiations with Iran were progressing and could lead to a resolution, but warned that [Read more]

Oman has presented a proposal to Iran for a joint regional mechanism to manage the Strait of Hormuz with voluntary fees, a Gulf source told Reuters on Tuesday. Under the Omani proposal, which has regional backing, Iran would not exercise sole control of the vital waterway, the source added. The proposal is based on the Strait of Malacca, where those who use the strait voluntarily contribute to fund navigation, environmental protection and search and rescue. The U.S. abruptly suspended a [Read more]

Oil prices fell 1% on Tuesday as market participants continued to weigh a pause in U.S. strikes on Iran, which has raised hope of a diplomatic solution to their conflict and the normalisation of Middle East energy flows. Brent crude futures were down $0.54, or 0.6%, at $87.82 by 0046 GMT. U.S. West Texas Intermediate crude was at $81.95 a barrel, down $0.66, or 0.8%. Both contracts fell 1% earlier in the session to their lowest level in more than a week. U.S. President Donald Trump said [Read more]

Oil prices fell on Monday, settling at their lowest levels in over a week, after the U.S. abruptly suspended a campaign of air strikes against Iran over the weekend, raising hopes of a diplomatic solution that would allow shipping to resume in the Strait of Hormuz. Brent crude futures fell $8.42, or 8.7%, to settle at $88.36 a barrel, the lowest since July 17. U.S. West Texas Intermediate crude futures fell $6.70, or 7.5%, to close at $82.61, the lowest since July 16. Brent futures last week [Read more]

Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by about 3.7 million barrels to 307.7 million barrels last week, the lowest level since March 1983, according to data from the Department of Energy. The drawdowns are part of a U.S. agreement to release 172 million barrels from the facility. (Reporting by Arathy Somasekhar in Houston Editing by Nick Zieminski) [Read more]

Yemen's Iran-aligned Houthis said on Monday they targeted a number of sensitive crude oil supply and transport sites linking eastern Saudi Arabia to the critical Red Sea oil export hub of Yanbu. Saudi state oil giant Aramco did not immediately respond to a request for comment. Houthi military spokesperson Yahya Saree said the operation was in response to what he described as Saudi drone incursions into Yemeni airspace. Saudi Arabia has re-routed its crude output to Yanbu via its [Read more]

Saudi Arabia's air defences intercepted and destroyed drones launched from Iraq that attempted to target oil facilities in the kingdom's Eastern Province and Riyadh, the Saudi Defence Ministry said on Monday. The ministry said the drones were launched by Iran-backed armed groups in Iraq. Saudi Arabia's Foreign Ministry condemned the attack against the kingdom, reaffirming its right to respond to the sources of "the aggression" and deter those responsible. The ministry called on the Iraqi [Read more]