Brent Holds Near $87, WTI Near $81 as Hormuz Reopening Talks Stall

Brent crude traded near $87 a barrel and WTI near $81 on Friday, Bloomberg reported, holding a decline after Iran and Oman failed to reach an accord reopening the Strait of Hormuz despite earlier optimism this week that a deal was close.

Why this matters. Prices holding just below recent highs while reopening talks stall shows traders are pricing in continued disruption rather than a quick fix, sustaining elevated fuel costs even as the US Strategic Petroleum Reserve sits near multi-decade lows.