Another Tanker Was Struck In The Strait Of Hormuz. Oil Is Edging Up.

Oil is edging up after a new tanker was struck in the Strait of Hormuz on Thursday.

Brent crude, the international benchmark, climbed 0.60% and stood at $87.60 at 9:10 a.m. ET, while West Texas Intermediate, the U.S. benchmark, gained 0.23% and stood at $82.42 at the same time.

The U.K. Maritime Trade Operations agency detailed that the strike took place near the Omani coast. All crew members are safe and an ensuing fire was extinguished.

Traffic remains subdued in the waterway even though the U.S. claims it is open for transit. Intelligence firm Kpler noted there were five confirmed crossings on Tuesday, compared to more than 130 before the war.

In this context, the Qatari prime minister traveled to Iran to "de-escalate tensions" between the U.S. and Iran. The country said that Mohammed bin Abdulrahman Al Thani would seek to "discuss ways to de-escalate tensions and create the conditions conducive to dialogue."

The Iranian Revolutionary Guard Corps had said this week that Tehran and Muscat have reached an agreement on the matter, including fees charged for transit. However, the force said, the deal can't move forward unless the U.S. accepts the conditions.

The U.S. has not made mention of the deal, but President Donald Trump has claimed repeatedly that the Strait of Hormuz is open to transit and said on Tuesday that all mines had been cleared from the waterway. However, Bloomberg reported that U.S. allies are skeptical of the claim.

The Trump administration also unveiled a plan to impose secondary sanctions on those "enabling" Iran to maintain its economic activity this week.

Treasury Secretary Scott Bessent said the plan is called "Operation Economic Outcast" and appeared to say China could be reached by the measures.

"We want to make clear here today that no one is above the reach of U.S. sanctions," he said when asked if the measures could impact Chinese banks or the Trump administration would refrain from doing so to preserve relations with Beijing.

"If they facilitate transactions and are part of the ecosystem that turns Iranian oil into money, into repression, they will be targeted," he added. Chinese President Xi Jinping is set to meet with President Donald Trump in September.