Oil Falls After Iran and Israel Halt Attacks Following Trump Appeal
Brent crude fell 1.4% as traders questioned whether the pause in strikes will hold, analysts said.
- On Tuesday, global oil prices fell, erasing previous gains after Iran and Israel halted attacks following an appeal from President Donald Trump. Brent crude futures dropped 1.4% to $92.92 a barrel, while West Texas Intermediate declined 1.9% to $89.57.
- In an interview published Monday, President Trump warned Israeli Prime Minister Benjamin Netanyahu that he might find himself fighting alone if he resumed hostilities. Both nations halted attacks but warned they could resume strikes.
- KCM Trade chief market analyst Tim Waterer noted that investors are not convinced the truce will hold. Varga warned that depleting global stockpiles could intensify demand, pushing Brent back above $100.
- U.S. forces disabled an unladen oil tanker in the Gulf of Oman on Monday after it violated the ongoing blockade against Iran. Tehran continues to block most shipping through the Strait of Hormuz, a vital passageway that previously carried one-fifth of global oil supplies.
- China's crude imports dropped 29% to their lowest levels in eight years last month, helping keep a lid on prices. This decrease, alongside reduced supply from the U.S.-Israeli war on Iran, complicates market stability as refiners draw on reserves.
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37 Articles
Oil falls, dollar strengthens as markets assess Iran-Israel ceasefire
Capitals, June 9 (SANA) Global financial markets moved cautiously on Tuesday as oil prices declined, the US dollar strengthened and gold traded near stable levels amid continued monitoring of developments in the Middle East. According to Reuters, crude oil prices fell after reports that Iran and Israel had halted reciprocal attacks following a call by US President Donald Trump, reversing most of the gains recorded in the previous session. Brent …
Quotes are also pressed by signs of a weaker global demand than expected
Oil prices ease as Israel and Iran pause strikes
Oil prices ticked down on Tuesday after Iran and Israel halted mutual attacks, even though there remains little sign of progress toward a full reopening of the Strait of Hormuz. Some oil and gas is filtering out of the Persian Gulf: The UAE’s ADNOC issued two tenders within the last week to sell crude through the strait, an indication that it is managing to get some tankers through, and a fifth Qatari LNG tanker successfully exited the Gulf as w…
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