Ice Brent futures fell in early Asian trading, paring most of the gains in the previous session.
The Ice front-month August Brent contract was at $73.90/bl at 04:00 GMT, lower by $1.36/bl from its settlement on 25 June when it ended $1.52/bl higher.
The Nymex front-month August crude contract was at $70.59/bl, down by $1.33/bl from its settlement on 25 June when it ended $1.58/bl higher.
Oman on 25 June joined other members of the Gulf Co-operation Council (GCC) and the US in a declaration opposing imposition of tolls or assertion of control over navigation in the strait of Hormuz, just days after the sultanate pledged to work with Tehran to discuss the prospect of such measures.
"Free, unconditional, and unrestricted navigation, including the right of transit passage as guaranteed under international law, remains essential to regional and global security," the foreign ministers of GCC member states — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE — and US secretary of state Marco Rubio said in a joint statement.
The signatories also rejected "any tolls, fees, or attempts to assert control over the strait".
Vessel traffic through Hormuz has started to recover after the US-Iran reached an interim peace deal on 18 June, but uncertainty remains about the terms of transit while the two countries negotiate a more lasting agreement.
The International Maritime Organization (IMO) on 25 June paused its large-scale evacuation operation for ships to leave the strait of Hormuz after a commercial vessel was attacked near the coast of Oman.
IMO secretary-general Arsenio Dominguez said that several vessels were successfully evacuated before the operation stopped, but that the vessel struck today "did not transit under IMO's evacuation framework".
A projectile struck the cargo vessel when it was transiting the Mideast Gulf southeast of Dahit, Oman, at around 14:00 GMT, according to the UK Maritime Trade Operations. The ship's bridge was damaged but no crew injuries were reported.
The attack and IMO's decision to pause its mass exit operation came less than a day after Iran's Islamic Revolutionary Guard Corps warned against vessels using what it described as unauthorised routes through the strait of Hormuz.
Ice Brent futures fell in early Asian trading, paring most of the gains in the previous session.
The Ice front-month August Brent contract was at $73.90/bl at 04:00 GMT, lower by $1.36/bl from its settlement on 25 June when it ended $1.52/bl higher.
The Nymex front-month August crude contract was at $70.59/bl, down by $1.33/bl from its settlement on 25 June when it ended $1.58/bl higher.
Oman on 25 June joined other members of the Gulf Co-operation Council (GCC) and the US in a declaration opposing imposition of tolls or assertion of control over navigation in the strait of Hormuz, just days after the sultanate pledged to work with Tehran to discuss the prospect of such measures.
"Free, unconditional, and unrestricted navigation, including the right of transit passage as guaranteed under international law, remains essential to regional and global security," the foreign ministers of GCC member states — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE — and US secretary of state Marco Rubio said in a joint statement.
The signatories also rejected "any tolls, fees, or attempts to assert control over the strait".
Vessel traffic through Hormuz has started to recover after the US-Iran reached an interim peace deal on 18 June, but uncertainty remains about the terms of transit while the two countries negotiate a more lasting agreement.
The International Maritime Organization (IMO) on 25 June paused its large-scale evacuation operation for ships to leave the strait of Hormuz after a commercial vessel was attacked near the coast of Oman.
IMO secretary-general Arsenio Dominguez said that several vessels were successfully evacuated before the operation stopped, but that the vessel struck today "did not transit under IMO's evacuation framework".
A projectile struck the cargo vessel when it was transiting the Mideast Gulf southeast of Dahit, Oman, at around 14:00 GMT, according to the UK Maritime Trade Operations. The ship's bridge was damaged but no crew injuries were reported.
The attack and IMO's decision to pause its mass exit operation came less than a day after Iran's Islamic Revolutionary Guard Corps warned against vessels using what it described as unauthorised routes through the strait of Hormuz.
By YouLiang Chay