Oil Fluctuates as Tanker Voyages Via Hormuz Face Fresh Risks
Storage tanks at the Motiva Port Arthur Refinery in Port Arthur, Texas.
Photographer: Mark Felix/BloombergOil swung between gains and losses as the US and Iran remained locked in a battle for control of the Strait of Hormuz, after plans to meet for a fresh round of peace talks failed.
West Texas Intermediate futures traded below $94 a barrel in New York, after gaining almost 11% in the three previous sessions. Brent traded near $102 a barrel. Shipowners are facing mounting evidence that it is unsafe to transit the key waterway, despite Washington’s assurances to the contrary.