Ship crossings at the Strait of Hormuz fell sharply on Thursday as shipping risks increased and US-Iran peace talks remained in limbo.
Kpler data showed seven commodity ships crossed the strategic waterway on Thursday, half the previous day’s tally. Four ships entered and three exited the strait, which handled nearly a fifth of global crude oil and liquefied natural gas shipments before the war.
No very large crude carriers or liquefied natural gas tankers were among the vessels recorded. One very large gas carrier carrying propane and butane transited out of Hormuz through the Iranian route.
Oil prices set for weekly rise
Oil prices were little changed on Friday but remained on track for a second consecutive weekly gain as the conflict continued to disrupt supplies from the Middle East.
Brent crude futures rose 4 cents to $93.82 a barrel by 0142 GMT, while US West Texas Intermediate crude slipped 6 cents to $86.78.
Brent gained 2.4 percent on Thursday and was up more than 7 percent over the previous five sessions. WTI had gained more than 8 percent over the same period, reaching its highest level since July 24.
Iran vows to withstand sanctions
Iranian parliament speaker Mohammad Baqer Qalibaf said Tehran must develop plans to overcome what he called unjust sanctions.
His comments followed US Treasury Secretary Scott Bessent’s announcement of what he described as the toughest sanctions ever imposed on Iran.
Bessent had also urged US allies to join efforts to economically isolate Tehran.
China rejects sanctions approach
China said US sanctions and pressure would not resolve the Middle East conflict.
Foreign ministry spokesman Lin Jian called on all relevant parties to take responsible measures and pursue political and diplomatic means to resolve the crisis.
Wider regional tensions
The USS George Washington aircraft carrier strike group arrived in the Middle East, replacing the long-deployed USS Abraham Lincoln.
The move came as the United States intensified economic pressure on Iran and Bessent warned allies they were either with Washington or against it in isolating Tehran.
Meanwhile, Yemen’s Iran-backed Houthi rebels said they had targeted an airport and a facility belonging to Saudi oil giant Aramco in the southern Najran region near the Yemeni border.
