Oil falls to lowest level in 3 months
16/06/2026
Argaam
Oil drilling rigs
Oil prices extended losses on Tuesday, with Brent crude falling below $80 a barrel for the first time since March after Uٍ President Donald Trump expressed optimism about progress toward an agreement with Iran.
Major Wall Street banks also lowered their oil price forecasts, with Goldman Sachs now expecting Brent crude to average $80 a barrel in the fourth quarter of this year, down from its previous forecast of $90.
The downside risks to oil prices remain in the near term, Ole Hansen, an analyst at Saxo Bank, told Reuters, as markets increasingly price in the possibility of a faster and full reopening of the Strait of Hormuz and the return of stranded oil supplies to global markets.
|
Brent, WTI Futures Prices |
|||
|
Crude |
Price ($/bbl) |
Change ($) |
Change |
|
Brent (August delivery) |
79.99 |
(3.18) |
(3.85) |
|
US WTI (July delivery) |
77.38 |
(3.37) |
(4.20) |
*At 12:00 noon Makkah time
Market Indices
Dubai
5,897.57
(9.63)
(0.16 %)
Abu Dhabi
9,960.24
(33.00)
(0.33 %)
TASI
10,542.23
(47.72)
(0.45 %)
Qatar
9,209.53
(49.77)
(0.54 %)
Kuwait
9,063.91
13.25
0.15 %
Muscat
7,828.06
39.92
0.51 %
Bahrain
1,898.90
(2.96)
(0.16 %)
Commodity Price
Brent Crude Oil
102.16
1.23
1.22%
Nymex
89.08
(1.16)
(1.29%)
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