UNITED STATES – Global oil prices fell as renewed diplomatic attempts raised expectations of reducing tensions with Iran. Brent crude dropped 0.57% to USD 115.15 per barrel, while WTI dipped 0.43% to USD 101.32. Despite ongoing conversations involving Saudi Arabia, Turkey, Pakistan, and Iran, assaults on Saudi Arabia and shipping interruptions in the Strait of Hormuz have raised fears about global oil supply. Persistent market uncertainty might have an impact on refinery operating costs, industrial transportation charges, and conventional base oil pricing, thereby reducing the competitiveness of re-refined base oils (RRBO) and maritime operations.
For more information, click here to read more.
(Source: Reuters)
