Brent crude edged back toward $88 per barrel on Friday, trimming the prior session’s gains as traders continued to track geopolitical risks in the Middle East and efforts to restore traffic through the Strait of Hormuz. According to Goldman Sachs, oil exports from the Persian Gulf have recovered to roughly two-thirds of their pre-war levels, supported by higher shipments through Hormuz.
Total crude exports from the region are now estimated at 15–16 million barrels per day—still about 7–8 million barrels below pre-conflict volumes, but significantly above the March low of 5–6 million barrels per day. In a further development, Iran and Oman reached a revenue‑sharing accord covering the strategic waterway, though Tehran emphasized that the agreement does not ensure the strait’s immediate reopening.
At the same time, the Trump administration informed mediators that it has no interest in reverting to the terms of a preliminary deal with Iran that was agreed in June but later collapsed.
