Oil price drops mid-session
Oil prices slightly declined today, Friday, after approaching nearly $83, amid investors' anticipation of a possible agreement to reopen the Strait of Hormuz following negotiations to end Iran's war. Brent crude lost 0.7% to reach $81.92 per barrel, while West Texas Intermediate fell 0.4% to $76.96. This comes amidst warnings from Iran of blocking passage for American and Israeli ships through the strait, which handles about 20% of global oil supplies. The chances of reaching a resolution are diminishing due to U.S. sanctions and insurance restrictions. The market remains under pressure amid ongoing tensions, with weekly losses expected to reach up to 9%. Saudi Arabia also anticipates attacks by Iran-backed groups, while investors await US jobs data that could influence interest rate decisions.
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