Brent closed below $80 a barrel for the first time since July 13, as markets await U.S. inventory data and progress in U.S.-Iran talks
Oil steadies after two-day slump as investors eye Hormuz traffic
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Summary
PERTH: Oil steadied on Wednesday after steep falls in the previous two trading sessions, as investors waited to see if efforts to end the US-Iran war and restore traffic through the blockaded Strait of Hormuz were making progress. Official numbers from the EIA, the statistical arm of the U.S. Department of Energy, are due at 10:30 a.m. ET (1430 GMT) on Wednesday. Brent closed on Tuesday below $80 a barrel for the first time since July 13. "The main sticking point appears to be whether Iran will continue to insist on a degree of control over the waterway, and whether the U.S. will stand its ground and refuse that outcome," analysts from IG said in a note.
Furthermore, Brent had closed more than 5% lower on Tuesday, extending the sharp declines recorded on Monday amid hopes that an agreement could be reached soon. Qatar said on Tuesday mediators were making progress in efforts to end the war, driving oil prices lower, although Tehran has denied U.S. President Donald Trump's assertion that talks are already under way. Trump and Qatar's Emir Sheikh Tamim bin Hamad Al Thani discussed efforts to narrow differences between Washington and Tehran and improve the prospects for a lasting settlement during a phone call on Tuesday, Qatar's Emiri office said.
In addition, Trump said on Monday that talks with Tehran had started and Iran faced a "last chance" to reach a deal. Iranian officials insisted no negotiations with the U.S. were taking place. Meanwhile, even as global crude benchmarks have continued to inch higher, the spike is far lower than the $126 per barrel levels seen earlier during the conflict.
Moreover, Before the war began, around 20% of the world's oil and liquefied natural gas passed through the Strait of Hormuz.
Cross-referenced from 3 sources.
Factual coreconfirmed by several independent voices
PERTH: Oil steadied on Wednesday after steep falls in the previous two trading sessions, as investors waited to see if efforts to end the US-Iran war and restore traffic through the blockaded Strait of Hormuz were making progress
reliability moderate3/3 sourcesOfficial numbers from the EIA, the statistical arm of the U.S. Department of Energy, are due at 10:30 a.m. ET (1430 GMT) on Wednesday.
reliability moderate2/2 sourcesBrent closed on Tuesday below $80 a barrel for the first time since July 13. "The main sticking point appears to be whether Iran will continue to insist on a degree of control over the waterway, and whether the U.S. will stand its ground and refuse that outcome," analysts from IG said in a note.
reliability moderate2/2 sourcesBrent had closed more than 5% lower on Tuesday, extending the sharp declines recorded on Monday amid hopes that an agreement could be reached soon.
reliability moderate2/2 sourcesQatar said on Tuesday mediators were making progress in efforts to end the war, driving oil prices lower, although Tehran has denied U.S. President Donald Trump's assertion that talks are already under way.
reliability moderate2/2 sourcesTrump and Qatar's Emir Sheikh Tamim bin Hamad Al Thani discussed efforts to narrow differences between Washington and Tehran and improve the prospects for a lasting settlement during a phone call on Tuesday, Qatar's Emiri office said.
reliability moderate2/2 sourcesTrump said on Monday that talks with Tehran had started and Iran faced a "last chance" to reach a deal.
reliability moderate2/2 sourcesIranian officials insisted no negotiations with the U.S. were taking place.
reliability moderate2/2 sources
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Meanwhile, even as global crude benchmarks have continued to inch higher, the spike is far lower than the $126 per barrel levels seen earlier during the conflict.
according to The Times of India - Top StoriesBefore the war began, around 20% of the world's oil and liquefied natural gas passed through the Strait of Hormuz.
according to The Times of India - Top StoriesU.S. crude and gasoline inventories rose while distillate stocks fell last week, market sources said on Tuesday, citing data from the American Petroleum Institute.
according to Channel News Asia
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