Oil extends decline as Hormuz risk temporarily eases
๐ข๏ธ Oil prices continued to slide on June 24, with Brent and WTI moving near four-month lows as the market reduced concerns over potential supply disruptions through the Strait of Hormuz.
๐ Sentiment was supported by signs that oil tankers have started moving through Hormuz again, while the US 60-day waiver on Iranian oil added expectations that Middle East supply pressure could ease in the short term.
โ ๏ธ Still, geopolitical risks have not fully disappeared. If US-Iran talks face new obstacles or regional tensions rise again, oil prices could quickly reverse higher.
#Oil $CL $NATGAS
๐ข๏ธ Oil prices continued to slide on June 24, with Brent and WTI moving near four-month lows as the market reduced concerns over potential supply disruptions through the Strait of Hormuz.
๐ Sentiment was supported by signs that oil tankers have started moving through Hormuz again, while the US 60-day waiver on Iranian oil added expectations that Middle East supply pressure could ease in the short term.
โ ๏ธ Still, geopolitical risks have not fully disappeared. If US-Iran talks face new obstacles or regional tensions rise again, oil prices could quickly reverse higher.
#Oil $CL $NATGAS