On Wednesday, Brent crude futures fell 0.3% to $72.72 per barrel, while U.S. West Texas Intermediate futures dropped 0.5% to $69.17. This decline follows a significant drop in prices over the past month, with Brent experiencing a 21% decrease and WTI over 20%.
The situation is exacerbated by Iran's announcement that it would not engage in talks with U.S. delegates in Qatar, which raises doubts about the interim peace deal established last month aimed at stabilizing oil flows through the Strait of Hormuz. This waterway is crucial, handling about 20% of the world's oil traffic.
Analysts from ING noted that despite recent tensions, there is an optimistic outlook for a supply recovery in the Middle East, although limited tanker movements suggest caution among shipowners. If tanker traffic increases, it could challenge the current expectations for rising oil prices