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Oil gains narrow on Middle East peace hopes
Oil prices temporarily rose, supported by hopes of reaching a peace agreement in the Middle East, amid concerns of a new Houthi attack on a Saudi vessel in Yemen. Brent crude increased by 0.3% to reach $79.62 per barrel, while West Texas Intermediate decreased by 0.4% to $75.52, after markets experienced declines exceeding 5% in the previous session. These fluctuations come amid talks between the U.S. and Iran regarding the reopening of the Strait of Hormuz and de-escalation efforts, as well as an increase in U.S. crude oil inventories by 2.69 million barrels, according to the American Petroleum Institute, with Energy Information Administration data awaited to confirm the trend.
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