Prices fell OilToday, Friday, in light of expectations that more supplies will return to the market after oil tankers began crossing Strait of Hormuz Following the signing of the temporary agreement between US And Iran.
Brent crude futures fell 54 cents, or 0.68 percent, to $78.31 per barrel by 01:46 GMT.
US West Texas Intermediate crude fell 46 cents, or 0.60 percent, to $76.14 per barrel. The July contract, the front-month contract, expires on Monday. The price of the most actively traded August contract reached $75.06 per barrel, a decrease of 79 cents.
The two crude oil prices fell to their lowest levels since early March, yesterday, Thursday, after several tankers, including three flying the Saudi flag and carrying six million barrels of crude oil, crossed the strait hours after the US President signed the agreement. Donald Trump Agree with Iran To end the war between them.
Strait of Hormuz (AFP)
Analysts expect that the agreement will lead to pumping more than 85 million barrels of oil stuck in the area Gulf From the Middle East to global markets.
The agreement also includes lifting US sanctions on Oil Iranian, which will add more supplies.
Tim Waterer, chief market analyst at KCM, said: “Traders are still waiting for conclusive evidence that oil tanker traffic through the Strait of Hormuz is actually returning to normal before proceeding with the next wave of decline.”
He added: “Until these tankers start moving regularly again, uncertainties will remain and limit the downward trend.”
Before the war, nearly a fifth of the world’s oil and liquefied natural gas supplies passed through the strait. Analysts pointed out that “trade may return to normal in the coming months if the agreement between the United States and Iran holds.”
