WTI Settles Down 2.81% at $93.89 on Hopes for Progress in US-Iran Talks
Summary
- West Texas Intermediate (WTI) futures settled at $93.89 a barrel, down 2.81%% from the previous session.
- Markets said concerns over disruptions to crude oil supply had eased somewhat amid possible progress in talks between the US and Iran and expectations for easing tensions in the Middle East.
- Still, oil-price volatility could rise again if tensions in the Middle East escalate, as the US and Iran remain at odds.
Forecast Trend Report by Period
International oil prices closed lower as traders focused on possible progress in talks between the US and Iran and expectations for easing tensions in the Middle East.
Walter Bloomberg reported that West Texas Intermediate futures on the New York Mercantile Exchange settled at $93.89 a barrel on May 26. That was down $2.71, or 2.81%, from the previous session.
The US and Iran have recently continued talks that include extending a ceasefire and restoring normal passage through the Strait of Hormuz. With concerns over disruptions to crude supply easing somewhat, oil prices came under pressure.
Earlier, Iran's Revolutionary Guard said 25 commercial vessels had passed through the Strait of Hormuz over the past 24 hours. The US Navy has also reportedly provided limited support for some commercial ships transiting the strait.
Still, the US and Iran remain divided over limits on uranium enrichment and the scope of sanctions relief. Markets are also watching for renewed oil-price volatility if tensions in the Middle East escalate again.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
