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Oil steadies after two-day drop amid Strait of Hormuz news
Oil prices stabilized after a sharp decline in the past two trading sessions, amid investors' anticipation of developments in efforts to end the conflict between the United States and Iran and the resumption of navigation through the Strait of Hormuz. Brent crude futures rose to $79.62 per barrel, while West Texas Intermediate futures increased to $75.90, as reports indicate that mediators are making progress in trying to reach a solution, despite Tehran’s denial of any ongoing talks. The significance of the Strait is critical, as it used to account for about 20% of global oil transit before the recent escalation, during which prices dropped by 50% in March. Official U.S. oil inventory data are expected to be released today, following last week’s increase in inventories, which will influence the market trend.
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