Oil Steady as Investors Cautious over Iran-Oman Talks
Brent crude fell 0.5% to $79.08 a barrel as traders weighed peace-talk progress against rising U.S. inventories and regional shipping risks.
- On Thursday, oil prices slipped as investors assessed progress in Iran-Oman talks aimed at a peace deal to end the five-month war and reopen the Strait of Hormuz.
- Iran announced it is in the 'final stage' of drafting an agreement with Oman, while President Donald Trump said a deal could be announced this week.
- Separately, Energy Information Administration data showed crude inventories rose 2.5 million barrels to 407 million barrels for the week ended July 31.
- Reports emerged on Wednesday that Iran-aligned Houthis launched missile attacks on two Saudi oil tankers off Yanbu and in the Gulf of Aden.
- Yuki Takashima, economist at Nomura Securities, noted "some selling pressure emerged following reports that talks between Iran and Oman are making progress" despite regional shipping concerns.
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Oil prices were rising on Thursday as investors remained cautious about the outcome of the Iran-Oman talks and uncertainty as to whether they would restore the flow of oil through the Strait of Ormuz, while news of attacks on Saudi oil tankers in the Red Sea and Gulf of Aden rekindled tensions. Brent oil futures rose 83 cents, or 1.04% to US$80.28 a barrel at 1158 GMT. US Midwayer West Texas advanced 61 cents, or 0.81%, to US$75.83.
Oil steady as investors cautious over Iran-Oman talks
Oil prices were steady today amid market caution over whether talks between Iran and Oman will restore flows through the Strait of Hormuz, while reports of attacks on Saudi tankers in the Red Sea and Gulf of Aden renewed supply tensions.
The North Sea crude, Brent, for delivery in October, rose 0.11 percent, below $80 a barrel, at the close of the session in the London futures market, following the agreement reached between Iran and Oman on the Strait of Ormuz, when it ended at $79.45.
Investors are also closely following a possible peace settlement between the US and Iran that could change the situation in the energy market.
Wednesday's session was an authentic roller coaster for oil, which started the negotiations to lose, later to return to the gains, after an attack by the rebel group of Houthis in the Red Sea. Hours after the attack the price of the barrel went back down, but at the end of the afternoon the Brent recorded slight gains, but negotiated below the $80. In addition to having been affected by the attack, the price of the barrel was also affected by th…
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