Middle East live: Hormuz shipping traffic falls as Iran-US talks stall

Oil prices set for second weekly rise as Iran war disrupts supply

Oil prices were little changed on Friday but were on track for a second weekly rise as the stalemated US-Iran war continues to disrupt supply from the key Middle East producing region.

Brent crude futures rose 4 cents to $93.82 a barrel by 0142 GMT, after climbing 2.4% in the previous session. US West Texas Intermediate crude futures slipped 6 cents to $86.78 a barrel, after climbing 2.3% in the prior session.

During the previous five days of gains, Brent gained more than 7% and WTI climbed more than 8%, reaching their highest since July 24.

Hormuz ship crossings halve amid heightened Middle East shipping risks

Ship crossings at the Strait of Hormuz chokepoint were down on Thursday from the previous day, initial shipping data showed, amid growing concern over risks to shipping in the Middle East, with US-Iran peace talks remaining in limbo.

Thursday’s tally of seven commodity ships was half that of Wednesday, Kpler data showed. Of these, four ships were entering and three exiting the waterway used by nearly a fifth of global shipments of crude oil and liquefied natural gas before the war.

No very large crude carriers or liquefied natural gas tankers were in the mix.

However, one very large gas carrier – carrying propane and butane – did transit out of Hormuz via the Iranian route, the data showed.