Crude oil fell toward $82 per barrel on Friday, but was still on track to gain about 20% for the month as renewed fighting between the US and Iran threatened further disruptions to Middle Eastern energy supplies. The US military launched fresh strikes on Iranian targets in response to Tehran’s attacks on US assets across the region, dimming hopes for any near-term diplomatic breakthrough. Still, tanker traffic through the Strait of Hormuz increased after a recent slowdown, allowing millions of barrels of crude to pass. Meanwhile, in the Red Sea, Saudi Arabia held talks with representatives from 43 countries about forming a maritime coalition to safeguard shipping routes following the blockade imposed by Iran-backed Houthi militants last week. Elsewhere, traders also remained wary of supply disruptions in the Black Sea after loadings at the export terminal critical to Kazakhstan’s crude shipments were suspended once again this week following fresh attacks on oil tankers.

Source: Trading Economics

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