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Oil prices fall as US-Iran ceasefire talks revive optimism
Brent slipped to about $88.8 a barrel and WTI to about $82.3, even as missile strikes and Gulf tensions continued.
Crude oil prices reversed earlier gains, retreating after renewed reports that the United States and Iran are seeking another ceasefire. OilPrice said Brent was around $88.8 per barrel, down from above $90, while West Texas Intermediate was near $82.3 per barrel at the time of writing, despite continued missile strikes in the Persian Gulf.
The ceasefire discussions reportedly focus on a proposed ten-day truce, though OilPrice noted that prospects look limited because neither side appears ready to make concessions. Reuters, as cited by OilPrice, reported an unnamed senior Iranian official saying Tehran received a ceasefire proposal aimed at reviving a June deal, without indicating how likely Iranian leadership is to accept it.
Earlier reporting cited that tanker traffic through the Strait of Hormuz had fallen to almost non-existent levels amid the US and Iran missile exchanges. OilPrice also pointed to threats from the Yemeni Houthis to impose a naval blockade on Saudi Arabia, which would risk disrupting Saudi Arabia’s oil export route through the Red Sea.
Commodity analysts at ING said Saudi Arabia’s crude exports from the Red Sea port of Yanbu were running at 4.6 million barrels per day as of June, up from 1.3 million barrels daily at the start of the year, according to OilPrice. The note underscored how shipping conditions and regional security risks are shaping oil market expectations.
Latest closeWTI crude $79.00 ▼0.8%|Brent $84.94 ▼0.0%