Oil Prices Fall as Iran-Oman Talks Fuel Hopes of Strait Reopening
Crude oil prices dipped earlier today following news reports about Iran and Oman renewing their talks about joint management of the Strait of Hormuz, as those reports were taken to mean the waterway could soon reopen for normal traffic. Reuters reported that the two were discussing “a joint temporary navigational corridor” and clearing the strait of mines.
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Key Facts
- Fact 1: As a result, Brent crude was trading at $86.69 per barrel at the time of writing, with West Texas Intermediate at $80.61 per barrel at the time of writing.
- Fact 2: No outbound tanker traffic was recorded for the 24-hour period, the firm said.
- Fact 3: “The US claims that an average of 8-9m b/d of oil is flowing through the Strait of Hormuz, which may be achievable over short time periods,” ING’s Patterson and Manthey also wrote.
- Fact 4: Several ship-tracking estimates are coming in much lower, ranging from 2m b/d to around 6m b/d.” By Irina Slav for Oilprice.com More Top Reads From Oilprice.com SPR Sinks Toward Operational Minimum as U.S.
Crude oil prices dipped earlier today following news reports about Iran and Oman renewing their talks about joint management of the Strait of Hormuz, as those reports were taken to mean the waterway could soon reopen for normal traffic. Reuters reported that the two were discussing “a joint temporary navigational corridor” and clearing the strait of mines.
As a result, Brent crude was trading at $86.69 per barrel at the time of writing, with West Texas Intermediate at $80.61 per barrel at the time of writing. Traders appear to have shrugged off the latest U.S. sanctions against Iran aimed at squeezing its oil trade even further.
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Original source: OilPrice.com