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Oil prices fall for a fourth straight night amid Iran-US calm
WTI was down 1.9% to $80.98 a barrel, while Brent slipped 1.8% to $86.80 as shipping disruption concerns eased with lower geopolitical risk.
Oil prices continued to drift lower in early Asian trade on Tuesday, with the market extending its decline for a fourth night as there were no attacks involving Iran or the United States.
At the time of writing, WTI crude was trading at $80.98 per barrel, down 1.97% on the session, while Brent was at $86.80 per barrel, down 1.77%.
Despite the pullback, prices remained elevated because shipping disruptions continued to weigh on Middle East energy flows, with markets focusing on risks around Red Sea traffic and the Houthis’ efforts to mirror Iran’s influence over the Strait of Hormuz.
The article also pointed to demand destruction as another headwind, citing $100 oil weighing on consumption and noting that the EIA reported inventory builds across the board last week, a signal that weaker demand may be starting to show up; investors were set to watch American Petroleum Institute inventory estimates later in the day, according to OilPrice.
Latest closeWTI crude $81.92 ▼8.3%|Brent $87.83 ▼9.2%