Brent oil dips below $80 per barrel for first time since March
The drop follows optimism that a tentative U.S.-Iran deal could reopen the Strait of Hormuz and ease supply concerns, traders said.
- On Tuesday, Brent crude dropped below $80 per barrel for the first time since early March, trading at $79.79 at 8:45 a.m. ET, following a tentative U.S.-Iran agreement to cease hostilities and begin nuclear negotiations.
- Optimism surrounding the agreement centers on reopening the Strait of Hormuz, where much of Asia gets its oil supply, though Western maritime security sources warn that mine clearance could take up to 50 days.
- CIA Director John Ratcliffe and other top officials expressed skepticism regarding Iran's willingness to make necessary concessions, while the White House defended the memorandum, asserting it meets 'redlines' to ensure Iran cannot hold energy supplies hostage.
- Jakob Larsen, chief safety & security officer at shipping association BIMCO, stated, 'We still consider it very risky for ships to commence transits at this point,' emphasizing mine-free routes must be established first.
- Societe Generale strategist Kit Juckes noted that while prices are 'two-thirds of the way back,' the final recovery tranche could take a long time, as experts caution oil prices are unlikely to return to pre-war levels soon.
58 Articles
58 Articles
Oil Drops Below $80 After Tensions Ease
(Washington, DC) – Oil prices dropped below $80 a barrel Tuesday as markets reacted to signs that Middle East tensions may be cooling. Brent crude fell under $80 for the first time since March, while U.S. crude also moved lower. The drop came as traders watched a possible U.S.-Iran agreement that could ease pressure on the Strait of Hormuz, one of the world’s most important oil shipping routes. President Trump had said prices would “drop like a …
Daily Journal
Oil prices fall below $80 per barrel, while US stocks drift
Oil prices are sinking again, while the U.S. stock market drifts near its all-time high. Brent crude fell below $80 per barrel on Tuesday for the first time since early March as optimism continues following a tentative deal on the…
Oil prices dip close to levels seen before Iran war on hopes over shipping route
The cost of benchmark Brent crude dropped as low as 79.61 dollars a barrel at one stage. Oil prices slid below 80 US dollars a barrel at one stage on Wednesday as US President Donald Trump said the Strait of Hormuz shipping route could be reopened as soon as Friday under his peace deal with Iran. The cost of benchmark Brent crude dropped as low as 79.61 dollars a barrel, down more than 4% and easing back close to levels seen before the US-Israel…
castanet.net
Crude oil prices fall again, while US stocks drift near their all-time highs
Oil prices are sinking again and dipped below $80 per barrel for the first time since early March, while the U.S. stock market drifts near its all-time high. The S&P 500 edged up 0.1% early Tuesday following a rally that's brought it close to the record it set earlier this month. The Dow Jones I...
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