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U.S. WTI Slides on Iran De-escalation
The price of American oil declined by 3% amid renewed hopes for de-escalation between the United States and Iran, as diplomatic efforts to resolve the disagreements continue. Developments included ongoing mediation negotiations involving Qatar, Pakistan, and Oman, with market expectations predicting Brent prices to stabilize between $80 and $90 per barrel, pending the results of the agreement or possible escalation. Additionally, the British Navy reported an incident 37 kilometers from the Omani region of Khasab, amid rising concerns over the Strait of Hormuz, through which approximately one-fifth of global oil supplies pass.
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