Iran War Nears 100 Days: Here's Where Peace Talks with US, Lebanon Ceasefire, and Oil Crisis Stand
Brent and U.S. crude both fell as traders responded to ceasefire hopes, citing potential progress in Washington-Tehran negotiations and possible reopening of the Strait of Hormuz.
- Oil prices slipped around 3% on Thursday following a ceasefire deal between Israel and Lebanon, as investors bet on an end to the U.S.-Israeli war with Iran and reopening of the Strait of Hormuz.
- Israel and Lebanon agreed to implement a ceasefire late Wednesday, raising hopes for diplomatic progress between Washington and Tehran; President Donald Trump suggested negotiations with Iran could advance this weekend.
- West Texas Intermediate crude fell 3.32% to $92.83, while Dennis Kissler, senior vice president of trading at BOK Financial, noted ship re-positioning near the Persian Gulf could signal an "expected opening."
- Hezbollah chief Naim Qassem called negotiations "shameless" on Thursday, while the Republican-led House approved a resolution Wednesday to block Trump from continuing the war against Iran, pending Senate approval.
- Energy Information Administration data showed U.S. crude stockpiles fell 8 million barrels to 433.7 million in the week ended May 29, as OPEC Secretary General Haitham Al Ghais expects robust oil demand growth.
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The Brent oil with delivery for August closed down by 2.04% and the WTI with maturity in July gave up 2.69%; however, in the accumulated of the week, the contracts closed in high
Houston. Oil prices fell by about 3 percent yesterday because of investors’ hopes that the war between the United States and Israel against Iran will come to an end, allowing the reopening of the Strait of Ormuz, following the ceasefire agreement between Israel and Lebanon.
Oil prices were falling this Thursday after the ceasefire agreement between Israel and Lebanon revived hopes of reaching a broader agreement to end the U.S. and Israel war against Iran, which could lead to the reopening of the Strait of Hormuz. The market was cautious and losses were limited. Brent’s futures were down $1.14, or 1.2 per cent, to $96,67 per barrel, while U.S. Intermediate West Texas crude lost 90 cents, or 0.9 per cent, to $95.12.
Oil prices slide as ceasefire and Iran talks boost hopes for stability
HOUSTON — Oil prices retreated Thursday as a ceasefire agreement between Israel and Lebanon and renewed signs of U.S.-Iran diplomacy raised hopes the months-long energy crisis could begin to stabilize, though crude remains elevated and economists caution the outlook remains uncertain. Brent crude, the international benchmark, fell nearly three per cent to just under US$95 per barrel, while U.S. West Texas Intermediate dropped more than three per…
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