Oil wipes gains amid prospects for de-escalation between Washington, Tehran
Oil tanks
Oil prices erased previous gains today, Aug. 17, as markets assessed the prospects for a peaceful breakthrough between the US and Iran.
Both contracts had gained more than 5% last week following renewed attacks in the Strait of Hormuz, Reuters reported.
Iranian Foreign Minister Abbas Araghchi confirmed over the weekend that his country has not yet made a decision regarding resuming talks with Washington.
Meanwhile, US President Donald Trump urged his citizens to accept a slight increase in gasoline prices until the current dispute is over.
Ship tracking data from the Kpler showed a sharp decline in shipping traffic through the Strait of Hormuz over the weekend, with only five ships carrying essential goods passing through on Saturday. No traffic was recorded on Sunday, compared to 31 ships that crossed the strait during the same period last week.
|
Brent, WTI Futures Prices |
|||
|
Crude |
Price ($/bbl) |
Change ($) |
Change |
|
Brent (October delivery) |
88.53 |
0.01 |
-- |
|
WTI (September delivery) |
82.08 |
(0.32) |
(0.40%) |
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