3 Hrs
Source:
الكتائب اللبنانية
Oil slips as hopes boost diplomacy
Oil prices fell to their lowest levels in over a week, amid growing hope for a diplomatic ceasefire to end the war between the United States and Iran. This came amidst anticipation of a partial improvement in oil flows from Saudi Arabia despite ongoing attacks by the Yemeni Houthi group. Brent crude dropped to $102.09 per barrel, and West Texas Intermediate to $98.33, after breaking a crucial psychological support level at $100. The optimism was fueled by the possibility of diplomatic de-escalation during the UN meetings scheduled for this week. Despite the tensions, oil continued to flow from the Middle East, with Saudi exports through the Strait of Hormuz increasing, benefiting from Houthi attacks on pipelines. Meanwhile, the Iranian and American sides exchanged threats, with expectations of continued diplomatic efforts to reduce tensions.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)