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Global crude oil futures traded mixed on Thursday, consolidating near six-week highs as escalating geopolitical tensions across the Middle East and persistent maritime bottlenecks in the Strait of Hormuz were tempered by diplomatic signals hinting at potential peace negotiations between Russia and Ukraine.

International benchmark Brent crude edged down 11 cents, or 0.12%, to settle at $95.52 a barrel, after touching fresh multi-week peaks earlier in the session. US West Texas Intermediate (WTI) gained 29 cents, or 0.32%, to finish at $91.30 a barrel.

The divergent close followed a volatile trading day, pausing a three-day rally that had elevated both benchmarks to their highest levels since late July.

Upstream support was maintained by heightened regional security risks following direct US air strikes on Iranian targets and renewed warnings from Israeli defence officials threatening strikes against Iranian energy and military infrastructure. Concurrently, diplomatic friction intensified as Washington ruled out near-term talks with Tehran absent an immediate cessation of attacks on commercial shipping.

Marine logistics through the Strait of Hormuz remained heavily constrained, with preliminary shipping data showing daily commodity transits slipped to six vessels on Wednesday—down from 11 the previous day and well below the 10-day baseline of 13—amplified by Tehran expanding its registry of blacklisted vessels subject to seizure.

Upward momentum was countered by remarks from Russian President Vladimir Putin indicating openness to negotiations to end the war in Ukraine, raising prospects of eased sanctions and an eventual normalisation of Russian refinery throughput and fuel exports.

Downside pressure was further reinforced by expanding workaround flows through the Persian Gulf, where Iraqi crude exports rebounded to 2.34 million barrels per day in August, supported by deep price discounting and transit clearances through Hormuz.

Written by: Aiman Haikal