Oil drops as Hormuz talks unfold
Oil prices declined after previous gains, as Brent crude dropped to $102.13 per barrel and West Texas Intermediate to $91.56. This comes amid diplomatic developments regarding the reopening of the Strait of Hormuz and the lifting of sanctions on Iranian ports. These developments result from positive signals about the dialogue between Tehran and Washington, along with an analysis showing a 3 million barrel increase in U.S. oil inventories, despite expectations of a decrease. The market is also monitoring the risks associated with potential U.S. restrictions on diesel exports and the progress of negotiations to lift sanctions.
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