Oil Inches Down as Investors Focus on Hormuz Flows After Peace Talks

PUKMEDIA

Oil field.

Oil prices inched down on Tuesday, extending losses from the previous session, as investors looked for clearer signs of progress in restoring crude flows through the Strait of Hormuz following U.S.-Iran peace talks.

According to Reuters report, Brent crude ‌futures fell 20 cents, or 0.3%, to $77.70 a barrel and U.S. West Texas Intermediate declined to $73.74 a barrel, down 12 cents, or 0.2%, as of 0323 GMT.

Prices fell more than 3% on Monday after the United States granted Iran a 60-day sanctions waiver following initial peace talks, and as officials reported a lull in hostilities in Lebanon under the ⁠broader agreement.

Two crude tankers with just under 2 million barrels of oil sailed through the Strait of Hormuz on Monday, ship-tracking data showed, in a sign that traffic was picking up following weaker flows on Sunday due to concerns over passage through the waterway.

The price declines come after a weekend that had appeared to put the week-old accord in jeopardy, including threats from U.S. President Donald Trump to restart the war if Iran disrupted shipping through the Strait of Hormuz ⁠after Tehran declared the strategic waterway closed.



PUKMEDIA