Brent and WTI both broke a three-session losing run, with traders scaling back bets on an imminent diplomatic breakthrough that would ease flows out of the Gulf.
The move came after reporting that the Trump administration has repeatedly told mediators it has no interest in reverting to the terms of the June memorandum with Iran, pushing the market to price in a longer stretch of restricted Hormuz traffic rather than a near-term resolution
Fresh Iranian threats toward vessels breaching its transit rules, and warnings of retaliation against US-linked shipping and energy interests, added a further layer of risk premium. Diplomatic efforts