Oil Drops as Tankers Begin Moving More Gulf Crude
Brent crude futures dropped for a third session as Iran and Oman advanced plans for a temporary maritime corridor through the Strait of Hormuz. Brent tumbled to $85 a barrel early Wednesday, down more than 9% for the week, while West Texas Intermediate traded around $80.
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Key Facts
- Fact 1: Brent tumbled to $85 a barrel early Wednesday, down more than 9% for the week, while West Texas Intermediate traded around $80.
- Fact 2: Crude remains up more than 41% this year following the US-Iran conflict and ongoing disruptions at the Hormuz chokepoint.
- Fact 3: Iranian Deputy Foreign Minister Kazem Gharibabadi said both countries agreed on a temporary route and intend to negotiate a permanent corridor within 30 to 60 days, according to Tasnim.
- Fact 4: Satellite imagery showed seven tankers collecting Iraqi cargoes, with a combined carrying capacity of roughly 13 million barrels, according to Bloomberg.
Brent crude futures dropped for a third session as Iran and Oman advanced plans for a temporary maritime corridor through the Strait of Hormuz. Brent tumbled to $85 a barrel early Wednesday, down more than 9% for the week, while West Texas Intermediate traded around $80.
Crude remains up more than 41% this year following the US-Iran conflict and ongoing disruptions at the Hormuz chokepoint. Earlier, Oman's state news agency reported that Iranian Foreign Minister Abbas Araghchi and Omani Foreign Minister Badr Albusaidi discussed an "interim framework" establishing a temporary joint shipping corridor. Iranian Deputy Foreign Minister Kazem Gharibabadi said both countries agreed on a temporary route and intend to negotiate a permanent corridor within 30 to 60 days, according to Tasnim.
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Original source: OilPrice.com