Oil surges back to $85 per barrel as Hormuz deal remains elusive | The National

An oil tanker anchored in the Strait of Hormuz as the key channel remains virtually closed. Getty ImagesShow caption: An oil tanker anchored in the Strait of Hormuz as the key ch…Only seven commodity ships crossed vital waterway on Sunday

Oil surged to $85 per barrel on Friday as negotiations to reopen the Strait of Hormuz between Iran and Oman stalled.

Only seven commodity vessels transited the Strait of Hormuz on Sunday, with some going dark to avoid detection.

Houthi rebels struck Saudi Arabia's Jazan refinery, a facility processing 400,000 barrels per day, further disrupting regional energy supplies.

Brent crude has traded as high as $120 per barrel since conflict erupted on 28 February, driven by supply disruptions through the strait.