More oil is getting out of the Persian Gulf, but the region’s producers are looking for signs that it is safe as they ramp up plans for alternative routes.
Oil remains on track for a second straight weekly decline, but signs of cracks in the agreement to end the war have given traders pause.
Shipping companies had hoped to get their vessels out after this week’s U.S.-Iran deal but faced uncertainty on Friday as violence flared again in the region.
The vice president said the United States had leverage to dictate the outcome of the next round of negotiations. But he claimed incorrectly that Iran got no new benefit from the lifting of oil sanctions.
The vice president said that the United States was the only powerful ally Israel had left and noted that two-thirds of the weapons that protected Israel were paid for by U.S. tax dollars.
The agreement delays the most difficult steps for Iran for later talks, while granting it crucial benefits.
Jet fuel may stay expensive for months, and airlines know travelers are willing to pay more for tickets.
Drivers are enjoying some relief at the pump after the United States and Iran signed an agreement to reopen the Strait of Hormuz.
While the Iranians suffered substantial losses in the war, they emerged from a confrontation with the world’s most powerful military having proved they can use economic chaos as a weapon.
Traders are waiting for U.S. and Iranian officials to meet in Switzerland on Friday, when they are expected to sign an initial agreement and begin a 60-day cease-fire.