WTI holds losses near $79.00 amid Middle East peace talks, OPEC+ output expansion
West Texas Intermediate (WTI) crude oil price gains ground after opening with a bearish gap, remaining nearly 7% down to trade around $79.30 per barrel during Asian hours on Monday.
West Texas Intermediate (WTI) crude oil prices plummeted to near a $79 mark on Monday, amid Middle East peace negotiations and OPEC+ output increases. President Donald Trump's tweet on Saturday urged Iran and other Middle Eastern nations to take more time to finalize a deal, which would lead to the reopening of the Red Sea and eliminate Iran's nuclear threat.
Despite two Saudi tankers successfully passing through the Bab el-Mandeb Strait over the weekend, shipping activity in the Strait of Hormuz slowed significantly due to reported vessel strikes. The UK Maritime Trade Operations confirmed three more tanker attacks since Saturday. OPEC+ producers decided to raise production quotas, ending the group's supply cuts from 2023 and paving the way for further output boosts once the conflict ends.
However, geopolitical tensions have worsened, with the US and Iran exchanging missiles, and drone attacks causing fires on Egyptian ships. WTI, a benchmark for international oil markets, is currently around $79.30 per barrel, down nearly 7% during Asian hours.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Asia-USWC container rates fall, rates to USEC steady to higher amid Middle East tensions hellenicshippingnews.com
- Dow Jones futures tick higher as easing Middle East tensions boost market sentiment fxstreet.com
- BP profit more than doubles as Middle East conflict boosts oil prices euronews.com
- Oil prices sink on Middle East hopes, yen extends gains after joint intervention channelnewsasia.com
