Global crude oil benchmarks traded flat on Thursday, with Brent and WTI showing little directional conviction as investors balanced conflicting geopolitical signals.
The market remains caught between hopes for de-escalation in the Persian Gulf and fresh reports of maritime security threats in the Red Sea.
Diplomatic efforts between Iran and Oman are being closely watched for potential breakthroughs that could restore or secure flows through the Strait of Hormuz.
Progress in these talks would alleviate supply fears that have underpinned oil prices in recent weeks.
However, the positive sentiment from diplomatic channels is being offset by reports of attacks on Saudi tankers in the Red Sea and Gulf of Aden, which renew concerns about shipping disruptions and insurance costs.
The standoff between these two narratives has resulted in subdued volatility, capping a week of cautious trading.