Oil prices stabilize amid global developments

Oil prices remained mostly steady at settlement, with trading activity balancing potential progress in peace talks between Russia and Ukraine and declining U.S. oil inventories, amid the absence of dialogue between the United States and Iran. Brent crude rose by 3 cents to reach $108.82, while U.S. WTI crude fell by 0.7% to $97.15 per barrel. Prices had reached their highest levels in five and six months respectively before retreating due to concerns over attacks in the Strait of Hormuz and ongoing geopolitical tensions. Experts indicated that the market is weighing developments in peace efforts against supply factors, as efforts continue globally to ramp up fuel production to compensate for the diesel shortage linked to the Iran and Ukraine conflicts.

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