Oil prices remain sharply lower for the week as hopes for a diplomatic breakthrough around the Strait of Hormuz gave way to renewed military escalation, while tightening U.S. inventories added to supply concerns.

After a dramatic rally in the previous session, oil prices retreated on Thursday as crude continued to move out of the Middle East even as the US-Iran war widened beyond its…

Oil prices remain sharply lower for the week as hopes for a diplomatic breakthrough around the Strait of Hormuz gave way to renewed military escalation, while tightening U.S.…