Oil gains on supply stability and US-Iran talks
Oil prices experienced a slight increase today, Thursday, as buyers moved to secure supplies ahead of the American Independence Day holiday. Brent crude rose by 23 cents, closing at $71.80 per barrel, while U.S. West Texas Intermediate gained 11 cents to reach $68.69. The market uptick comes amid progress in negotiations between the United States and Iran, mediated by Qatar, aimed at reaching a permanent peace deal to end the four-month-long war and halt oil shipments through the Strait of Hormuz. Despite the improvement in conditions, risks remain due to market volatility, ongoing oil flows through the strait, and U.S. oil inventories dropping to their lowest levels since 2018.
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