Oil Futures Settle Lower as Markets Focus on U.S.-Iran Talks
Crude futures ended lower in cautious trading as the U.S. and Iran prepare for weekend talks that investors see as critical to sustaining the ceasefire and reopening the Strait of Hormuz.
“There’s a lot of caution in the market because there’s so much uncertainty,” said Andrejka Bernatova, CEO of energy-focused SPAC Dynamix Corporation III. She said many investors are staying on the sidelines given daily swings and shifting headlines, making it difficult to gauge what comes next. The key question, she added, is whether the Strait of Hormuz is reopened. “It’s not an issue just of pricing, but the supply of oil all around the world.”
West Texas Intermediate (WTI) settled down 1.3% at $96.57 a barrel, leaving it about 13% lower for the week after Wednesday’s 16% plunge on news of the truce. Brent fell 0.8% to $95.20 a barrel, also down roughly 13% for the week.
Source : Newsmaker.id