Oil declines, Brent trades at $90
Oil drilling rigs
Oil prices turned lower during trading today, July 30, as investors monitored shipping activity in the Strait of Hormuz, amid continued exchanges of military strikes between the US and Iran.
The Iranian Foreign Ministry stated that talks with Oman regarding the Strait of Hormuz are still ongoing, Reuters reported.
This comes after prices rose by 7% at the close of trading on July 29, following threats by US President Donald Trump of fresh strikes against Iran.
Lin Ye, Vice President of Commodity Markets at Rystad Energy, said that Trump's statements caused a rapid and immediate jump in prices, but the market quickly began to assess the prospects for de-escalation.
|
Brent, WTI Futures Prices |
||||
|
Crude |
Price ($/bbl) |
Change ($) |
|
Change |
|
Brent (September delivery) |
90.09 |
(065) |
(0.72%) |
|
|
WTI (September delivery) |
83.52 |
(0.95) |
(1.12%) |
|
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