Brent crude has swung over the past week as two opposing developments in the Iran conflict price into the same market. The US Navy disabled a cargo vessel attempting to breach its blockade against Iran, and Houthi forces reportedly struck a commercial vessel in the Red Sea, killing six people. At the same time, Qatari officials say talks between Iran and Oman to reopen the Strait of Hormuz have reached an advanced stage, even as a senior Iranian official insists the strait stays closed until Washington meets Tehran's conditions.
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