Oil steadies amid Strait of Hormuz tensions
Oil prices stabilized today, Tuesday, following progress in U.S.-Iran negotiations that could allow for a gradual passage of oil through the Strait of Hormuz. Brent crude declined by 0.3% to $77.64 per barrel, while West Texas Intermediate fell by 0.2% to $73.69, after a drop of over 3% yesterday. This comes amid expectations of increased oil flows from Iran, Venezuela, and Russia, with Iraq's exports rising to approximately 2.1 million barrels per day. Meanwhile, some institutions have lowered their price forecasts for the third and fourth quarters.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)