Brent crude reverses slide after oil, LNG tankers cross critical waterway.

Oil prices have begun rising again as an agreement between the United States and Iran hangs in the balance.

Brent crude, the international benchmark, rose 0.65 percent on Friday, after falling as much as 0.9 percent earlier in the day, as traders continued to weigh the practical effect of the US-Iran memorandum of understanding on ending their war and reopening the Strait of Hormuz.

Brent futures for August delivery stood at $80.37 as of 06:30 GMT, taking the benchmark above the $80 threshold for the first time since Wednesday, after an earlier slide spurred by an uptick in commercial vessels transporting energy supplies through the strait.

It comes after Israel launched a series of attacks on Lebanon, killing 16 people and threatening the ceasefire agreement between the US and Iran.

Clashes between Israel and Hezbollah forces in southern Israel on Friday killed four Israeli soldiers, according to Israeli media.

A planned meeting between US and Iranian officials in Switzerland has been cancelled, reportedly due to the attacks, although the Strait of Hormuz still appeared to be open to shipping.

Japan and South Korea’s stock markets also had a volatile trading session.

Seoul’s Kospi surged more than 2.5 percent to reach an all-time high shortly after market opening, then fell 1.8 percent before rebounding to a 0.8 percent gain.

Tokyo’s Nikkei 225, which rose about 0.6 percent shortly after market opening, was 0.08 percent in the red.

Stock markets in Shanghai, Hong Kong and Taipei were closed for the day.

Three Saudi Arabia-flagged oil supertankers carrying about 6 million barrels of crude exited the Strait of Hormuz on Thursday, broadcasting their locations after spending weeks in the Gulf with their transponders turned off, according to maritime analysis firm Kpler.

The Hong Kong-flagged oil tanker Tong Lin Wan and the France-flagged LNG tanker Mraikh also passed through the waterway on Thursday, according to shiptracking data.

Despite the transits, traffic in the waterway remains a fraction of what it was before the war, when the channel saw 120-130 transits a day.

More than 500 vessels are estimated to be waiting to exit the Gulf through the strait, which in peacetime carries about one-fifth of the global oil supply.

While Iran and the US have committed to reopening the waterway, ship operators have expressed doubt about the safety of their vessels and crew after nearly four months of threats and attacks.

At least 46 attacks have been carried out against ships in the vicinity of the channel since the start of the conflict in late February, killing 14 seafarers, according to the International Maritime Organization.

The strait is also believed to contain an unknown number of Iranian naval mines, necessitating mine-sweeping operations that could take weeks.

On Thursday, the International Association of Independent Tanker Owners (INTERTANKO), one of the world’s largest organisations representing tanker owners and operators, called for greater clarity on the practical steps needed to facilitate safe passage through the waterway.

“Without clarity on these issues, ships will be unsure whether to transit the Strait of Hormuz,” INTERTANKO Managing Director Tim Wilkins said in a statement.

“Some ships will, of course, start to move. That will be natural. But ship owners have adopted a very cautious approach,” Wilkins said.

“The safety and security of seafarers have been uppermost in their minds, and no one wishes to jeopardise that safety-first approach when things appear to be moving in the right direction.”