Crude oil markets experienced mixed trading, with WTI sliding 0.84% to $77.94 per barrel and Brent ticking up 1.13% to $83.41. Despite daily fluctuations, oil prices plummeted by roughly 8% over the week, weighed down initially by growing optimism over a potential diplomatic breakthrough between the United States and Iran.
However, market anxiety has been reignited by developments in the strategic Strait of Hormuz. Iranian lawmakers are reviewing a controversial draft bill that would ban U.S. and Israeli vessels while imposing heavy transit fees—ranging from 5% to 7% of cargo value—alongside severe penalties for violators. This contrasts sharply with Oman’s consideration of a 3% fee and Washington’s firm stance against any levies. Industry insiders point out that sweeping international sanctions and strict insurance frameworks make implementing such proposals exceptionally difficult.
Meanwhile, President Donald Trump maintains an optimistic outlook, asserting that negotiations with Tehran are progressing well and predicting a swift resolution to hostilities. Geopolitical strains were further amplified in Yemen, where Houthi rebel drone and rocket strikes on government military bases in Marib and Hadramaut left at least 30 soldiers dead and dozens injured.
