#brentwticrudefallover3% 🛢️📉
Global oil prices fell by an average of 3% over
the past 24 hours, amid reports that Iran and Oman are working on developing a temporary shipping route through
the Strait of Hormuz, - CNN.
Brent futures fell by about 3%
to reach nearly $86 a barrel. Also, US West Texas Intermediate (WTI) crude
slid by about 2.8% to $80 a barrel.
Since the beginning of the week, Brent has recorded a drop of around 9%,
while WTI has fallen by 8%.
However, the full reopening of the strait is still not guaranteed. Iranian authorities stress that the agreement with Oman on a temporary route does not mean a
complete reopening of the waterway, and that further talks should determine the terms
for a long-term solution.
Because there is no specific timeline for imposing new US sanctions on countries that continue trading with Iran, market participants are largely
following a wait-and-see approach, according to analysts at Deutsche Bank.
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