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Oil steadies ahead of Hormuz flows
Oil prices stabilized today as investors awaited the flow of crude through the Strait of Hormuz following progress in US-Iran talks. Brent crude fell to $77.64, while West Texas Intermediate dropped to $73.69. This steadiness came after a previous decline of over 3%, amid Washington’s waiver of sanctions on Tehran for 60 days and a decrease in tensions in Lebanon. Meanwhile, Venezuelan, Russian, and Iranian oil remain available to buyers. Some institutions predict a reduction in the risk of Gulf disruptions, with Iraqi exports rising to approximately 2.1 million barrels per day.
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