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(Bloomberg) — Oil rebounded after a three-day decline as tensions persisted across the Middle East, with continued threats to energy flows despite a push by the US to try to forge a diplomatic solution to end the war with Iran.
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West Texas Intermediate rose toward $82 a barrel, paring some of the 14% decline over the past three sessions. Brent closed near $84 on Tuesday. Iran-backed militias in Iraq fired drones at oil facilities in Saudi Arabia’s Eastern Region for a second day, piling pressure on the kingdom, which is grappling with a maritime blockade limiting its crude oil shipments.
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Elsewhere, Iran launched missiles toward a US base in Jordan, Axios reported.
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On the diplomatic front, Iran told Oman that its proposal for a route through the critical Strait of Hormuz, with 50% under Tehran’s control and 50% under Oman’s, would not address the Islamic Republic’s concerns. The inbound route must be entirely under Iran’s control, along with part of the outbound route, Deputy Foreign Minister Kazem Gharibabadi told state television.
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Oil prices have been whipsawed this month, initially surging as hostilities between the US and Iran re-escalated and the conflict spread to the Red Sea, with the Tehran-backed Houthis threatening to blockade Saudi ports, before prices gave back some of the gains as tensions eased. Attention remains focused on flows of crude, with traffic through Hormuz still constrained.
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In Washington, President Donald Trump met Israeli Prime Minister Benjamin Netanyahu, as the US leader sought to avoid renewed bombing in Iran. Israel — which launched the war alongside the US in February — signaled it favored talks. After the meeting, an Israeli spokesman said all parties preferred the “easy way,” a negotiated settlement, over the “hard way,” military action.
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“There is room for the short end of the curve to fall,” said Rob Thummel, senior portfolio manager at Tortoise Capital Advisors LLC, referring to crude futures’ nearer contract months. “But the back end of the curve likely moves higher unless some diplomatic solution is reached.”
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