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Oil prices fall more than 5% after pause in US-Iran strikes
Oil prices fell sharply after the US and Iran suspended mutual strikes over the weekend, Reuters reported. Markets are hoping that a diplomatic settlement will allow shipping through the Strait of Hormuz to resume.
Brent futures fell 5.9% to $91.08 a barrel, while US WTI fell 5.4% to $84.51. Both marks fell to their lowest levels in almost a week.
US President Donald Trump decided to suspend the attacks to give more time for diplomacy. At the same time, shipping through the Strait of Hormuz remains limited: over the weekend, fewer than ten merchant ships passed through it per day.
Analysts warn that prices could remain high due to risks to shipping in the Red Sea, as well as Ukrainian drone strikes on Russian ships and oil refineries.
#oil
#Hormuz #iran #US
$BZ
$CL
$BNB
Oil prices fall more than 5% after pause in US-Iran strikes
Oil prices fell sharply after the US and Iran suspended mutual strikes over the weekend, Reuters reported. Markets are hoping that a diplomatic settlement will allow shipping through the Strait of Hormuz to resume.
Brent futures fell 5.9% to $91.08 a barrel, while US WTI fell 5.4% to $84.51. Both marks fell to their lowest levels in almost a week.
US President Donald Trump decided to suspend the attacks to give more time for diplomacy. At the same time, shipping through the Strait of Hormuz remains limited: over the weekend, fewer than ten merchant ships passed through it per day.
Analysts warn that prices could remain high due to risks to shipping in the Red Sea, as well as Ukrainian drone strikes on Russian ships and oil refineries.
#oil
#Hormuz #iran #US
$BZ
$CL
$BNB