Crude oil was trading around $82 a barrel on Thursday, after three straight sessions of decline, as markets weigh prospects for an improvement in supply via the Strait of Hormuz, while watching the worsening disruptions affecting Russian energy exports.
Iran has emphasised that this agreement does not guarantee an immediate reopening of the strait, keeping markets at a high level of uncertainty.
Saudi Arabia appears to be increasing its oil shipments from terminals in the Persian Gulf, as it seeks to favor routes less exposed to Houthis attacks in the Red Sea.
Meanwhile, concerns are growing about a possible new escalation of the war between Russia and Ukraine. The continued Ukrainian strikes targeting Russian refineries and ports disrupt the country’s energy infrastructure and could reduce its ability to export crude oil as well as refined products.
