Crude oil prices eased but remained steady near the $95 a barrel mark on Friday after a 2.8 per cent drop earlier in the week, as US President Donald Trump signalled progress in peace talks with Iran.
West Texas Intermediate (WTI) crude hovered below $93 a barrel during early trade.
The pullback followed Trump’s indication that negotiations with Tehran were advancing, raising hopes that a broader agreement could eventually ease disruptions to energy flows through the Strait of Hormuz. However, the situation remains fragile, with fresh escalations and attacks on oil facilities in Kuwait and Oman forcing the two nations to temporarily shut down crude extraction operations.
According to shipping industry journal Lloyd’s List, Iran’s crude oil exports dropped nearly 84 per cent in May compared with the previous month.
Exports were also 87 per cent lower than the 12-month average up to the end of April.
Analysts noted that Iran has been relying on smaller oil tankers and a “shadow fleet” of older vessels to ship crude, as larger Very Large Crude Carriers (VLCCs) face a higher risk of interception by US forces.
The US naval blockade of Iran began on April 13 and remains in place as part of Washington’s strategy to pressure Tehran into accepting American demands.
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