Oil prices fluctuate after U.S.

Later in the session, gains eased as traders assessed whether the escalation would lead to actual disruptions in crude shipments. By 07:02 GMT, Brent crude futures were up 8 cents, or 0.09%, at $93.18 per barrel, after rising more than $2 earlier in the day.

On Friday, Brent prices fell to their lowest levels since the start of the crisis after Donald Trump said he was close to securing a peace deal with Tehran. Prices dropped from around $93 per barrel in overnight trade and briefly fell below $85, later stabilising near $87.50, a 3% decline for the day.

Trump called off plans for renewed strikes, saying talks were progressing and that a deal could lead to the reopening of the Strait of Hormuz as early as the weekend. Tehran said no final decision had been made, though much of the agreement had reportedly been finalised.

The U.S. military said on X that commercial vessels continued to pass through the Strait in both directions. Goldman Sachs said it still expects oil to average around $90 per barrel in Q4, but cut its 2027 forecast to $80 due to higher supply expectations and weaker demand.

The market decline pushed prices to their lowest since early March, when tensions in the region sent Brent to $113 per barrel. The International Energy Agency later coordinated the release of 400 million barrels of emergency crude to stabilise markets. Before the crisis, Brent traded near $70 per barrel.