Crude oil hovered near $82 a barrel on Thursday after three straight sessions of declines, as markets weighed improved supply prospects through the Strait of Hormuz against mounting disruptions to Russian energy exports. Iran’s military said it had reached a revenue-sharing deal with Oman covering the strategic waterway, raising hopes that shipping disruptions could ease. Tehran, however, emphasized that the agreement does not guarantee the strait’s immediate reopening, leaving a high degree of uncertainty in place.
At the same time, Saudi Arabia appears to be stepping up oil loadings from Persian Gulf terminals as it seeks alternatives to routes vulnerable to Houthi attacks in the Red Sea. Parallel to these developments, concerns are intensifying over a potential further escalation of the Russia–Ukraine conflict. Ongoing Ukrainian strikes on Russian refineries and ports are damaging the country’s energy infrastructure and could restrict its capacity to export both crude oil and refined products.
