Brent crude prices fell to their lowest levels since early March as traders grew more confident about an imminent \u200cpeace agreement between the US and Iran.<\/p>\n
Brent futures settled at $87.33 a barrel, down $3.05, or 3.37 percent.<\/p>\n
Brent crude prices fell to their lowest levels since early March as traders grew more confident about an imminent \u200cpeace agreement between the US and Iran.
Brent futures settled at $87.33 a barrel, down $3.05, or 3.37 percent.<\/p>\n
Iran’s IRNA news agency, meanwhile, said nuclear talks would take place within a 60-day period after a memorandum was signed.<\/p>\n
“Headlines are driving the market once again as confidence grows that an eventual deal will be struck and \u200bthe Strait (of Hormuz) reopens,” said Tamas Varga, an analyst at PVM Oil Associates.<\/p>\n
One caveat, however, is that global and regional oil stocks \u200bare still low and could drift lower, even with a deal, as it would take time to ensure uninterrupted oil flows, he added.<\/p>\n
On Thursday, Iran \u200cannounced \u2060a complete closure of the strait, saying it would fire on any ship trying to pass through. Traffic through the strait, which normally carries a fifth of global oil and liquefied natural gas shipments, has been extremely limited as a result of the war.<\/p>\n
The US military, however, said on social media that commercial ships continued to transit the waterway.<\/p>\n
“We believe the market reaches an inflection point in late July \u200bif we do not see \u200boil flows resuming before then,” ING \u2060analysts said in a note. “This is when inventory levels and seasonally stronger demand push prices significantly higher towards $120-130 per barrel.”<\/p>\n
Again Capital’s Kilduff said an agreement couldn’t come at a better time.<\/p>\n
“This really can’t go \u200bon much longer before there are shortages,” he said.<\/p>\n
Goldman Sachs lowered its 2027 average Brent forecast \u200bto $80 a barrel \u2060on higher supply and lower demand, but expects prices to exceed the 2025 average on stockpiling of OECD commercial oil stocks and a security premium for disruptions.<\/p>\n
The Organization of the Petroleum Exporting Countries on Thursday lowered its forecast for 2026 world oil demand growth to 970,000 barrels per day \u2060from a \u200bprevious 1.17 million bpd, its second straight downward revision.<\/p>\n
The producer group also said \u200bconsumption would eventually rebound. It expects oil demand in 2027 to rise by 1.73 million bpd, up 190,000 bpd from its previous forecast.<\/p>\n","protected":false},"excerpt":{"rendered":"Brent crude prices fell to their lowest levels since early March as traders grew more confident about an…\n","protected":false},"author":2,"featured_media":490787,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[42,43,40,38,41,39],"class_list":["post-490786","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-headlines","tag-news","tag-top-news","tag-top-stories","tag-topnews","tag-topstories"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/490786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=490786"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/490786\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/490787"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=490786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=490786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=490786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}