Oil stabilizes as Iran-US talks fade
Oil prices have stabilized at their highest levels in over a week, with Brent crude reaching $87.81 per barrel and West Texas Gas at $82.20. This comes after diminished hopes for a deal between the United States and Iran regarding de-escalation and improved oil flows through the Strait of Hormuz. The situation is compounded by political risks related to tensions in the Gulf region and their impact on insurance costs and shipping routes. Additionally, Saudi Aramco has postponed the restart of the Jazan refinery following Yemeni attacks, while Iraq has increased the official selling price for Basra Medium crude to Asia, now offering it at a $4 discount compared to Oman and Dubai grades. Geopolitical risks continue to influence the oil market.
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