Oil prices stabilized near $90–95 amid US-Iran talks on extending the truce
Kyiv • UNN
WTI and Brent crude oil stabilized amid a possible extension of the truce. The market is reacting to the blockade in the Strait of Hormuz and declining US inventories.
Global oil prices remain stable amid signals of a possible extension of the truce between the US and Iran and the resumption of negotiations. This is reported by Bloomberg, writes UNN.
Details
US WTI crude oil is trading at around $91 per barrel, while Brent has settled near the $95 mark. The market is reacting to information about a possible extension of the ceasefire for another two weeks.
At the same time, the situation in the Strait of Hormuz remains a key factor, where shipping restrictions continue to affect global supplies.
Tension remains
The US maintains a naval blockade of Iranian vessels, while Tehran restricts the passage of most other ships. Iran warns of a possible escalation if such actions continue.
Against this background, the market remains sensitive to any signals regarding the further development of the conflict.
Expert assessments
I think the market has realized in the near term that panic buyers have left the space
Prices are also affected by a reduction in US oil inventories and an increase in exports, particularly to Asian countries.
The further dynamics of the market will depend on the progress of negotiations and the resumption of stable shipping through the Strait of Hormuz.