Oil prices fall as markets look to Iran truce, but remain wary of attacks on oil facilities
Brent fell 0.69% to $105.85 a barrel as traders weighed talks that could reopen the Strait of Hormuz and ease supply risks.
- Global oil prices eased on Thursday, with Brent down 74 cents to $105.85 and West Texas Intermediate down 81 cents to $93.80, as US and Iranian negotiators explored a phased path out of war.
- Since the war began in February, one-fifth of global oil and gas shipments have been curtailed, pushing prices up 50 per cent in March alone and forcing liquefied natural gas buyers to seek stable supplies elsewhere.
- The Saudi-led coalition intercepted six ballistic missiles fired by Iran-backed Houthis aimed at Taif and Yanbu, while Saudi Arabia ramped up crude pumping through the East-West Pipeline to the Red Sea hub.
- KCM Trade analyst Tim Waterer warned that ongoing attacks "serve as a clear reminder that critical oil assets remain firmly in the firing line," while diplomatic hopes are helping prices weather military instability.
- Iranian President Masoud Pezeshkian told Fox News on Thursday that "It's America that must choose whether it wants to end this or not," as negotiators in New York explore reopening the Strait of Hormuz and lifting the US blockade.
52 Articles
52 Articles
OIL SLIDES BELOW $104 AS TRADERS WEIGH MIDEAST RISK, WEAKER DEMAND
Brent crude extended its decline Friday, trading below $104 a barrel as markets balanced supply fears against signs of softening global demand. The move follows a week of volatile trading tied to stalled Iran talks and Houthi attacks on Saudi infrastructure.
Global stock exchanges advance, U.S. bond yields fall back and oil goes down slightly this Friday, after the aversion to risk dominating markets on the eve. Investors assess the possibility of an agreement between the United States and Iran to reopen the Strait of Ormuz, despite persistent threats to Saudi Arabia's energy infrastructure. Federal Reserve (Fed) leaders' speeches throughout the day are also on the radar. At around 8:00 a.m., the fu…
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Oil Prices Ease as U.S.-Iran Truce Hopes Offset Saudi Supply Risks
Oil prices slipped on Friday as hopes for a possible U.S.-Iran truce outweighed concerns that attacks on Saudi Arabia could further disrupt Middle Eastern supply. Brent remained above $106 a barrel, while the gap between Brent and WTI widened to its largest level since May.
Gold Edges Higher As Oil Prices And Yields Ease
Gold prices rose toward $4,300 an ounce on Friday as a sell-off in government debt eased and oil prices retreated from recent highs following reports that Iran has submitted a proposal to the United States to end their war and reopen the Strait of Hormuz within seven days.
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