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Oil falls over supply increase
Oil prices retreated today, Friday, but are still on track to achieve monthly gains of around 20%, as supplies through maritime routes increase despite little progress in U.S.-Iran talks. Brent crude fell by $1.03 to $88 per barrel, while West Texas Intermediate declined by $1.50 to $82.09, with both benchmarks expected to reach their highest monthly gains in five months. The source indicates that price increases are fluctuating due to signals of rising flows through the Strait of Hormuz and the impact of tensions in the Middle East on the oil market.
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