Oil holds steady, on track for weekly fall on US-Iran talks stalemate

Business Recorder reported that crude prices changed little on Friday, with Brent slipping to $89.65 a barrel, 5 cents lower, and WTI falling 41 cents to $83.12 by 1126 GMT. Both contracts were heading for weekly losses of 5.3% for Brent and 4.7% for WTI. Traders were weighing stalled United States and Iran diplomacy against partial crude movement through the Strait of Hormuz.

Vessel traffic through the Hormuz passage stayed uneven, as seven commodity ships crossed on Thursday, down from 17 the day before and under the 10-day average of 15. Washington recently announced sanctions it called the toughest in history, which Tehran condemned as hostile and ineffective. Mediators are pushing to reopen the waterway, and Iran has agreed to prepare conditions for normal shipping to resume.

Goldman Sachs pegged the Gulf's recent export volumes between 15 million and 16 million barrels a day, under pre-war levels yet above March's low point. Separately, the Trump administration is reportedly negotiating long-term access to part of Venezuela's crude reserves, a deal that could ultimately reduce import costs. Bloomberg also reported that Venezuela is weighing an exit from OPEC.