Oil reaches near $90 as Iran talks stall
Oil prices rose near $90 per barrel due to continued setbacks in diplomatic efforts to resolve the conflict in the Gulf region, despite no widespread disruptions in supply. Brent crude traded at $89.44 after reaching $89.68, while West Texas Intermediate increased to $82.95. The market remains focused on balancing the risks between potential supply disruptions and doubts about achieving a political settlement. Shipping data through the Strait of Hormuz indicates a significant decrease in vessel transits, reflecting heightened tensions and their impact on the market. Meanwhile, markets continue to monitor diplomatic efforts and their effects on global energy supplies.
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