Oil ticks up after selloff as talks to end US-Iran war remain uncertain
On Tuesday, oil prices experienced a slight rebound after a sharp decline, amid fears of Middle Eastern supply risks due to the ongoing U.S.-Iran conflict. Brent futures increased by $0.62, or 0.7%, to $84.39 per barrel, while U.S. West Texas Intermediate (WTI) crude rose by $0.61, or 0.7%, to $80.95. This came after U.S. President Donald Trump temporarily halted new attacks on Iran, pending diplomatic talks to resolve the war and its impact on the Strait of Hormuz.
The waterway, crucial for Gulf oil shipments, typically handles around 20% of daily global energy exports. However, Iran's Foreign Ministry spokesperson Esmail Baghaei denied Trump's claim of discussions, stating that no negotiations were underway. Analysts at Barclays noted that the week ending July 31 saw crude oil and refined product net exports through the Strait of Hormuz averaging 4.2 million barrels per day, compared to 3.2 million bpd the previous week.
Despite the recent decline in oil prices, the situation remains volatile, with potential for further fluctuations should the conflict reignite or tanker attacks resume.
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Also reported by 1 other outlet
- Qatar says US-Iran talks are 'ongoing' middleeasteye.net
