19 Hrs
Source:
الاقتصادية
Oil drops third day amid easing Middle East tensions
Oil prices declined for the third consecutive day, with the market experiencing relative stability amid ongoing discussions between Iran and Oman about establishing a "temporary maritime corridor" to resume shipping through the Strait of Hormuz. This has helped reduce the risks of military escalation. Brent prices hovered near $86 per barrel, representing a 9% loss for the week, while West Texas Intermediate (WTI) was around $80. These movements come amid estimates that U.S. oil inventories grew by 4.2 million barrels, along with a sharp decrease in fears of a potential escalation between Washington and Tehran. Meanwhile, technical negotiations regarding a permanent maritime corridor and the future of the strait continue. The market also confirms that oil futures have surged by more than 40% since the beginning of the year.
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