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Tuesday
07
Jul 2026
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Oil prices plunge 10% for the week as Hormuz traffic resumes; Brent settles at $71.99

Higher tanker traffic through the Strait of Hormuz and easing supply concerns drove oil to its steepest weekly decline in months. Brent fell 4.34% on Friday, while WTI slipped below $70

UN Suspends ship evacuation plan through the Strait of Hormuz after attack near Oman

Hundreds of stranded vessels and thousands of seafarers remain trapped in the Persian Gulf after the UN halted its evacuation plan following an attack on a ship in the Gulf of Oman

Oman and Iran stated that any arrangement concerning the Straits must fully respect their sovereign rights

Earlier, the Omani news agency reported that, following talks held in Muscat, the two countries reaffirmed their commitment to maintaining the Strait of Hormuz as a safe and open sea lane

Gradual reopening of the Strait of Hormuz with roles for Pakistan, Oman, and a “freeze” of the nuclear program: What Tehran is requesting in its revised proposal to the US

Sources cited by Al Arabiya report that Tehran is requesting a long-term, multi-phase ceasefire and the transfer of uranium to Russia - Concessions on compensation - Pakistan optimistic about a new round of talks

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