RTÉ reported a wide intraday range and higher crude prices. AP News separately reported that Qatar’s prime minister discussed de-escalation and a safe-passage proposal for the Strait of Hormuz in Tehran. The reports illuminate the same setting, but prices could also reflect inventories, shipping, or other factors, and they do not show that the talks caused the move.
Brent fell as low as 86.22 dollars during the session before standing at 88.55 dollars, up 0.81 per cent. West Texas Intermediate (WTI) touched 80.65 dollars before trading 0.34 per cent higher at 82.51 dollars. Those two readings show a wide intraday range rather than a single uninterrupted direction.[1]
RTÉ reported that traders were weighing the Qatar prime minister’s planned trip to Iran and developments around the Strait of Hormuz. AP News reported that Sheikh Mohammed discussed de-escalation and an Iran-Oman proposal for safe ship passage through Hormuz with Iranian Foreign Minister Abbas Araghchi in Tehran. AP did not report price figures, and the reports do not show that the talks determined prices. AP News reported that the talks also included an Iran-Oman proposal to let ships pass safely through the Strait of Hormuz and clear mines from the commercial waterway. The proposal describes the risk-management framework under discussion; it does not report an actual or expected oil-price outcome.[1], [2]
RTÉ reported that Tim Waterer of KCM said a fuller reopening of Hormuz could take crude another step lower, while warning that the move could reverse if optimism around a deal proves premature.[1]
