Oil Prices Settle Over 5% Lower as Progress in U.S. – Iran Talks Eases Strait of Hormuz Supply Fears

Source: Reuters

NEW YORK – Global crude oil benchmarks dropped over 5% and settled at a three-week low, with Brend crude falling below USD 80 per barrel and WTI easing to around USD 75 per barrel following diplomatic progress in U.S. – Iran talks that eased the supply disruption fears through the Strait of Hormuz. Reuters’ market tracker and Bloomberg Energy Desk shows a sharp pullback from recent peaks near USD 100 per barrel due to the positive signs in the U.S – Iran Talks.  

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(Sources: Reuters; Bloomberg; Wealth Insights)