WTI falls below $81.00 as Iran-Oman talks fuel hopes of Hormuz reopening
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $80.90 during the early European trading hours on Thursday. WTI slumps as hopes grow for a reopening of the Strait of Hormuz amid diplomatic efforts involving Iran and Oman.
WTI crude oil prices have dropped below $81.00 amid expectations that Iran and Oman may reopen the Strait of Hormuz. The Islamic Revolutionary Guard Corps (IRGC) reportedly reached a revenue-sharing deal with Oman, surpassing a previous joint statement. Qatar's Prime Minister is set to visit Iran to resume talks, but US and Iran remain far apart on ending the conflict.
The US Treasury Secretary warned of potential sanctions on those aiding Iran in money laundering. US crude oil inventories rose slightly, providing a minor respite for prices. Technical analysis indicates WTI is bearish in the short term, with resistance at $81.30 before the 100-day average of $85.20. The key support level is at $74.35.
Political instability, wars, and sanctions can disrupt supply and impact prices, as OPEC decisions also play a crucial role.
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- Oil falls for fourth day as Hormuz supply fears ease thevibes.com
