Energy Preview: Oil prices dip on hopes of progress in talks over Strait of Hormuz

WTI crude oil prices are lingering around a two and half week low on Thursday morning in Asia amid signs of diplomatic progress in the Middle East. Iran and Oman reportedly reached an agreement over each country?s share of the Strait of Hormuz?s waters and related revenues, although Tehran cautioned that reopening the crucial waterway would require more than an agreement with Oman. Meanwhile, oil prices have been easing since early this week after fresh US economic sanctions on Iran proved less aggressive than anticipated. Currently, the counter is quoting at $81.62 per barrel, down 0.64% on the day following an over 3% plunge on Tuesday. Brent is also down over half a percent at $87.31 per barrel.

Powered by Commodity Insights