Oil drilling rigs
Oil prices deepened their losses during trading today, July 27, following a halt in the tit-for-tat military strikes between the US and Iran after two weeks of escalating confrontations, boosting market hopes for a diplomatic solution to the crisis.
ING analysts said in a note to clients that oil prices dropped in early trading as both sides refrained from new attacks, providing the first tangible signs of a possible de-escalation, Reuters reported.
Despite the suspension of attacks, shipping data from the Kpler platform showed that fewer than 10 commercial vessels crossed the Strait of Hormuz daily over the weekend.
Saul Kavonic, an analyst at brokerage firm MST Marquee, suggested that any recovery in flows through the strait would be slow and partial, given tankers’ apprehension and desire to ensure security before resuming normal operations.
Brent, WTI Futures Prices
Crude
Price ($/bbl)
Change ($)
Change
Brent (September delivery)
89.97
(6.81)
(7.00%)
WTI (September delivery)
83.44
(5.87)
(6.55%)
*At 09:59 am Makkah tim
https://www.argaam.com/en/article/articledetail/id/1923297
