Oil prices have stabilized amid expectations of a deal between the U.S. and Iran — Bloomberg
Global oil prices remained virtually unchanged at the start of trading in Asia. The market is reacting to U.S. statements regarding progress in negotiations on a peace deal with Iran, despite ongoing tensions and uncertainty surrounding the situation in the Strait of Hormuz.
Bloomberg reports this.
West Texas Intermediate (WTI) crude traded around $93 per barrel, while Brent closed up nearly 4%, exceeding $99. The day before, U.S. forces struck targets near the strait, and the Islamic Revolutionary Guard Corps claimed to have fired on U.S. aircraft that allegedly violated Iranian airspace. U.S. Secretary of State Marco Rubio warned that finalizing the deal could take several more days, and that failure to do so risks keeping fuel prices high for the long term.
Although the strategically important Strait of Hormuz, through which one-fifth of the world’s oil and LNG is typically transported, remains effectively blocked due to the standoff, analysts note the first signs of easing tensions. On Tuesday, at least two foreign supertankers carrying 4 million barrels of oil passed through the waterway for the first time in a week. Experts point out that the market is hoping for a resumption of traffic, while WTI prices are being held in check by increased exports from the U.S. to compensate for the shortage.
The day before, U.S. Secretary of State Marco Rubio stated that an agreement to end the war with Iran could be reached as early as “today.” His statement came amid growing optimism regarding negotiations between Washington and Tehran and sharp volatility in oil markets.
U.S. President Donald Trump stated that Washington does not intend to rush into an agreement with Iran, despite progress in the negotiations.
Iranian state media reacted to U.S. President Donald Trump’s statement regarding alleged agreements on opening the Strait of Hormuz, calling it “incomplete and untrue.”
The U.S. reacted strongly to Iran’s plans to introduce a toll system for passage through the Strait of Hormuz, stating that this is unacceptable and could derail any negotiations. Washington considers this strategic waterway critically important and will not allow Tehran to exert commercial or political control over it.
