Oil steady as US-Iran talks progress
Expectations of easing tensions between the United States and Iran have led to a slight decline in oil prices, with Brent crude settling at $105.85 and WTI at $93.80 per barrel. This comes amidst ongoing Houthi attacks and concerns over energy supplies. These decreases follow a week of sharp fluctuations, amid diplomatic efforts to reopen the Strait of Hormuz and lift Iran's economic sanctions, boosting hopes for market stability. Despite the escalation of attacks on oil facilities, Saudi Arabia is working to increase oil production through the East-West pipeline, although shipping operations remain halted for now.
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