Commodities
Home›Commodities›Energy›Oil prices fall as US-Iran draft talks ease geopolitic…
Oil prices fall as US-Iran draft talks ease geopolitical fears
Brent slid to around $80 per barrel after renewed optimism for a potential US-Iran draft agreement, while US gasoline dipped to $4.08 a gallon as of August 4.
Oil prices extended their losses as renewed optimism around a potential US-Iran draft agreement eased geopolitical concerns, according to OilPrice. Brent crude fell back to around $80 per barrel, with WTI also trading lower.
The outlet also tied the move to renewed political scrutiny of energy profits. OilPrice said President Trump criticized US refiners for high fuel earnings, ordering retailers to lower prices and calling on ExxonMobil and Chevron to return some of their profits.
OilPrice noted that while ExxonMobil’s production was impacted by closures in the Middle East and Chevron continues to struggle with CPC closures in Kazakhstan, refining margins have been strong since the war began in March. It added that the 3-2-1 spread has doubled since early March to $60 per barrel even though crude prices are only up by $11 per barrel after this week’s diplomatic push.
OilPrice reported that the average US gasoline pump price has dipped to $4.08 per gallon as of August 4, up 30% from a year ago. The piece also mentioned a separate transaction, saying Shell agreed to sell its European onshore renewables portfolio to TotalEnergies for an undisclosed sum, including 0.5 GW in operation and a 3.5 GW project pipeline.
Latest closeWTI crude $80.00 ▼5.5%|Brent $83.63 ▼7.2%|Gasoline (RBOB) $2.964 ▼8.0%