Oil Holds Breath, Iran Causes Nervousness
Oil prices held steady as investors weighed two major factors: the recovery of supplies from the crucial Black Sea export route and the risk of production disruptions from Iran.
Brent crude sold below $66 per barrel after surging 2.8% on Friday—its biggest daily gain in two weeks. Meanwhile, West Texas Intermediate (WTI) held around $61.
The main news came from the Caspian Pipeline Consortium (CPC). They announced they had reactivated a previously problematic offshore mooring. This allowed oil to flow again through the route that handles the majority of Kazakhstan's exports.
But the market wasn't just focused on supply. The focus was also on sending a message to Iran after President Donald Trump renewed threats against Tehran. This situation gave oil prices an added "risk premium."
Trump reportedly sent naval assets to the Middle East. This move fueled speculation that threats to attack the Iranian regime could be carried out, potentially disrupting Iranian output.
At 7:43 a.m. in Singapore, Brent crude for settlement fell 0.3% to $65.65 per barrel. WTI for March delivery fell 0.4% to $60.85 per barrel. (asd)
Source: Newsmaker.id