Oil Prices Drop Despite Threat of New U.S. Strikes on Iran
Oil Prices Drop Despite Threat of New U.S.
Strikes on Iran Zelenskyy welcomed restored U.S.
missile-strike… What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Crude oil prices moved lower today after reports about renewed diplomatic efforts to achieve peace in the Middle East, with Saudi, Turkish, and Pakistani officials travelling to Tehran to discuss the prospects of an end to hostilities.
At the time of writing,Brent crudewas trading at $114.85 per barrel, withWest Texas Intermediateat $100.87 per barrel.
That’s down from over $117 for Brent crude at the end of last week, and over $103 for WTI, on peace hopes and traders taking profit.
However, continued Houthi attacks on Saudi energy infrastructure and Iranian strikes on tankers in the Strait of Hormuz continue to support prices.
“Crude oil prices are witnessing profit-taking after surging to multi-month highs, as renewed diplomatic efforts in West Asia have raised hopes of a potential breakthrough in negotiations between the US and Iran,” SS WealthStreet founder and energy analyst Sugandha Sachdeva said, asquotedby Reuters.
The effect of the diplomatic push by Saudi Arabia, Turkey, and Pakistan was offset, however, by a CNNreportsaying that U.S.
forces in the Middle East could launch an attack on Iran within 96 hours of President Trump giving an order to that effect.
presidentsuggestedat the end of last week he may decide to go for escalation instead of negotiation.
Iran’s president, meanwhile, who hosted the high-ranking delegations from Saudi Arabia, Turkey, and Pakistan, called for unity among Islamic nations and acting as “a single force” against threats, according to anX postby the Iranian government.
Such a unity may be a challenge given that most Gulf states are U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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