Brent Crude Steady as Iran-Oman Deal on Strait of Hormuz Shipping Route Emerges

Brent crude oil traded near $79 per barrel on Thursday, holding recent losses, as an agreement between Iran and Oman on a shipping route through the Strait of Hormuz fueled expectations of increased energy flows from the Middle East. A joint statement is reportedly in its final drafting stage, with the proposed route expected to be operational for two to four months, though Tehran emphasized it does not constitute a full reopening of the strategic waterway.