Brent is set for an 8% weekly loss, but ongoing disruptions in the Strait of Hormuz and the Red Sea continue to support oil prices near $90 a barrel. The IRGC claims to have turned around several tankers in the Strait of Hormuz; however, that could also suggest shippers won’t give up on exiting the Strait anytime soon. Citing high taxes and a worsening investment climate, UK oil major BP (NYSE:BP) has formally launched a process to sell its UK North Sea oil and gas business, some 115,000 b/d of output, marking a historic retreat from a basin where it has operated for more than six decades. Saudi Arabia Seeks Red Sea Shipping Coalition. UK oil major BP (NYSE:BP) has agreed to sell a 15% stake in its Iraqi Kirkuk venture to Turkey's state-owned TPAO, strengthening regional backing for the rehabilitation of northern Iraq's giant oil and gas fields as Baghdad seeks to boost flows via the Mediterranean.