Oil falls amid mediation efforts between US, Iran
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Oil prices fell today, July 21, as markets assessed mediation efforts to establish a truce between the United States and Iran amid continued tit-for-tat military strikes between the two sides.
Reports indicated that mediators had proposed a 10-day ceasefire between Washington and Tehran in an attempt to salvage the agreement reached on June 17, as a prelude to a permanent agreement that would end the escalation that has been ongoing since February, Reuters reported.
The diplomatic efforts came as the US Central Command launched a new round of strikes on Iranian targets, in response to attacks by the Iranian Revolutionary Guard on US military bases.
The US crude oil inventory report from the American Petroleum Institute is expected later today, ahead of the official data release from the US Energy Information Administration on July 22.
|
Brent, WTI Futures Prices |
|||
|
Crude |
Price ($/bbl) |
Change ($) |
Change |
|
Brent (September delivery) |
88.60 |
(0.62) |
(0.70%) |
|
WTI (August delivery) |
82.23 |
(0.25) |
(0.30%) |
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