Noida, July 31 (APAC Media): Crude oil prices fell 3% to $81.60 a barrel in intraday trading on Friday, as reports of Oman-Iran negotiations over the Strait of Hormuz helped ease market jitters surrounding renewed hostilities in the Middle East.
Brent crude futures for October delivery, the international benchmark, were down 1.94% at $85.20 a barrel, while U.S. West Texas Intermediate crude futures for September delivery declined 1.1% to $81.65 a barrel in intraday trading as of 10:56 a.m. IST.
Talks between Iran and Oman over the Strait of Hormuz remain underway, Reuters reported, citing Iran’s Labour News Agency (ILNA). Earlier this week, Oman presented Tehran with a Gulf-backed proposal granting Iran partial control of the strategic waterway and the right to collect voluntary transit fees from vessels using the strait.
Tehran rejected the proposal, leaving negotiations over the key global oil shipping route unresolved amid heightened regional tensions.
Meanwhile, the U.S. military said it carried out a broad wave of strikes early on Thursday, local time, targeting dozens of sites linked to Iran’s Islamic Revolutionary Guard Corps (IRGC). The attacks hit military command centres, missile and drone facilities, and coastal surveillance and air defence positions.
Separately, the Iranian army said it launched a drone strike on strategic U.S. military facilities at Kuwait’s Ahmed Al-Jaber Air Base in retaliation for recent U.S. attacks. A statement carried by the semi-official Tasnim News Agency said the operation targeted aircraft hangars, satellite communications systems and equipment warehouses.
The Iranian military stated that it launched the strike in response to a U.S. attack on a residential home on Qeshm Island. It described Kuwait’s Ahmed Al-Jaber Air Base as a key hub for U.S. aerial surveillance and operational support in the region.
Meanwhile, a series of powerful overnight explosions rocked the southern Lebanese towns of Yohmor al-Chqif, Arnoun and Kfar Tebnit following Israeli strikes, according to Lebanese news agency reports. Across southern Lebanon, the blasts reverberated, with shockwaves extending to El-Kharroub and Khalde.
The recent escalation came after Iran launched ballistic missiles aimed at U.S. forces in the Middle East, effectively extinguishing U.S. hope in the Middle East, effectively dashing immediate hopes for a diplomatic breakthrough.
The missiles were intercepted before U.S. and Saudi forces launched retaliatory strikes against Iran-backed militias in Iraq that Washington said were behind attacks on American troops and Saudi energy infrastructure.
U.S. President Donald Trump told Fox News on Wednesday that Iran would be hit “hard” in response to Tehran’s missile attack on U.S. forces in Jordan. His remarks underscored Washington’s increasingly forceful stance as tensions continued to escalate.
The conflict has also widened beyond the Gulf, with Egyptian authorities reporting drone strikes on two natural gas vessels operating off the country’s Mediterranean coast. The incidents added to concerns over the security of regional energy infrastructure.
In Yemen, the Iran-aligned Houthi movement has intensified attacks on commercial shipping and Saudi-linked energy assets around the Red Sea and the Bab el-Mandeb Strait. The group says it is enforcing a naval blockade, fuelling fresh concerns over higher shipping costs and insurance premiums.
The Bab el-Mandeb is one of the world’s most strategically important maritime chokepoints, linking the Red Sea with the Gulf of Aden and handling millions of barrels of crude oil and refined fuels each day. Disruptions there come as shipping traffic through the Strait of Hormuz also remains well below normal levels.
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Disclaimer:Â This article is for informational purposes only. APAC Media is not liable for any investment decisions or losses. Please conduct your own research or consult a financial advisor before investing.
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