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US Oil Update: Crude Mixed on Renewed Optimism for US-Iran Peace Talks

-- Crude futures diverged in after-hours trading on Friday as the US and Iran are expected to hold indirect talks in Pakistan, paving the way for the resumption of energy flows via the Strait of Hormuz.

Front-month West Texas Intermediate crude futures fell 1.01% to $94.88 per barrel, while Brent futures were up 0.81% to $105.92/bbl.

"Spot crude and product prices eased off the early-April highs on a combination of system rerouting and deal optimism," Ole R. Hvalbye, commodities analyst, said, adding that April Gulf output is reduced by 14.5 million b/d of pre-war supply.

US special envoy Steve Witkoff and Jared Kushner will reportedly travel to Pakistan on Saturday morning for direct talks with the Iranian delegation, as Tehran sounded a pessimistic tone on the prospects for talks to end the Middle East conflict.

Iran's Foreign Minister Abbas Araghchi arrived in Pakistan on Friday, but Tehran has not publicly agreed to meet with Trump's representatives. Araghchi plans to present a new written response to a US proposal for a peace deal while in Pakistan, according to media reports.

"Embarking on timely tour of Islamabad, Muscat, and Moscow. Purpose of my visits is to closely coordinate with our partners on bilateral matters and consult on regional developments," Araghchi said in a social media post on X.

Meanwhile, the US sanctioned a Chinese oil refinery as well as dozens of shipping firms and vessels that transport Iranian oil on Friday, as the Trump administration ramps up economic pressure on Tehran amid the blockade of the Hormuz.

The US Treasury Department's Office of Foreign Assets Control said it imposed penalties on Hengli Petrochemical Refinery, one of China's smaller so-called teapot oil refineries that the department called "one of Tehran's most valued customers."

OFAC also announced sanctions against about 40 shipping companies and tankers involved in the shadow-fleet transport of Iran's oil.

The latest diplomatic developments and sanctions came as the US increased pressure on Iran with its naval blockade to choke off Iranian oil revenues as Washington seeks to get Tehran to agree to talks to end the conflict.

Saxo Bank strategists said the disruption in the Hormuz threatens to further delay crude and fuel flows from the Arabian Gulf.

MarineTraffic said Hormuz traffic remains constrained, with eight crossings recorded on Apr.23, flat day-over-day and far below typical volumes.

While no new attacks have occurred since April 22, risks remain elevated for the 702 vessels still in the Persian Gulf, amid threats of Iranian action, US interdiction and persistent mine hazards, the ship-tracking data firm said.

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