Oil Prices Fall 5% to Two-Week Low on Hopes for US-Iran Conflict Easing
Brent and U.S. crude fell after a pause in fighting held and traders weighed the chance of renewed talks to ease supply risks.
- On Tuesday, oil prices dropped 5% to a two-week low as traders assessed Middle East developments. President Donald Trump reported "good talks" with Iran, though Tehran's response to diplomatic efforts remains unclear.
- Tensions surrounding the Strait of Hormuz prompted Oman to present Iran with a management plan backed by Gulf states. Saudi Aramco shut down its Jizan refinery following a Saturday attack by Iran-backed Houthi militants in Yemen.
- Brent futures fell 5.2% to $83.75 a barrel, while West Texas Intermediate crude dropped 4.9% to $78.55. Both benchmarks reached their lowest closes since July 13 after sliding about 17% over three days.
- Shipping data showed 28 vessels passed through the Bab el-Mandeb Strait on Monday, a four-day high. Analysts estimated energy firms pulled 1.4 million barrels of crude from storage during the week ended July 24.
- Market attention now turns to weekly inventory reports from the American Petroleum Institute and the Energy Information Administration . Traders remain cautious as the dollar holds near a four-week high amid concerns the Federal Reserve might raise interest rates.
34 Articles
34 Articles
Oil falls to lowest point in a week on US-Iran lull
Oil fell to its lowest price in a week on Tuesday following an uneasy lull in the US-Iran conflict, though uncertainty over negotiations lingered and the US reported thwarting an attempted surprise missile attack from Iran. While diplomats signaled progress in Oman-Iran talks to let more ships through the Strait of Hormuz, Tehran proposed a temporary arrangement that would give it greater control over transit routes, and threatened to keep Hormu…
Market Optimism Grows as Oil Prices Decline Amid US-Iran Diplomacy
Oil prices experienced a notable drop as optimism surrounds potential diplomatic efforts with Iran, reducing the ongoing pressure on global energy markets despite concerns over escalating conflicts. The post Market Optimism Grows as Oil Prices Decline Amid US-Iran Diplomacy appeared first on News Addicts.
Stocks Rise, Oil Falls Amid Optimism For Renewed US-Iran Talks
Oil prices extended their sharp selloff Tuesday as hopes for a diplomatic breakthrough with Iran continued to outweigh fears of another spike in fighting, easing pressure on global energy markets after weeks of war-driven volatility. Both Brent crude and U.S. benchmark West Texas Intermediate posted steep losses for a second straight day. Brent has plunged nearly 16% over the past two sessions to around $83 a barrel, while WTI slipped below $80,…
(New York = Yonhap News) Correspondent Lee Ji-heon = As the suspension of U.S. airstrikes against Iran continues and optimism regarding the resumption of dialogue grows, international oil prices fell by 3 trading days on the 28th (local time)...
Coverage Details
Bias Distribution
- 41% of the sources are Center, 41% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
