Oil Falls on Focus on U.S.-Iran Talks to Reopen Strait of Hormuz; WTI at $93.32
JH Kim
Summary
- International oil prices fell as markets focused on talks to reopen the Strait of Hormuz between the U.S. and Iran.
- WTI fell 1.4% to $93.32 a barrel, while Brent crude traded 1.2% lower at $105.35.
- Markets see the possibility of further declines in oil prices if diplomatic talks advance, though the drop is being limited by tight spot supply and military tensions in the Middle East.
Forecast Trend Report by Period
International oil prices fell as markets focused on negotiations between the U.S. and Iran to reopen the Strait of Hormuz.
According to Walter Bloomberg on September 25, West Texas Intermediate crude futures fell 1.4% to $93.32 a barrel. Brent crude traded 1.2% lower at $105.35.
Markets see scope for further declines in oil prices if diplomatic talks between the U.S. and Iran make progress.
Still, the drop is being limited by tight spot crude supply and the risk of renewed military tensions in the Middle East.
JH Kim
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