Oil stays at lower level after price drop amid U.S.-Iran deal
Oil prices did not move significantly in early trading on Tuesday. The August contract for a barrel (159 litres) of North Sea Brent crude traded at $82.76, down just under 0.5 per cent on the previous day’s close.
Since the sharp falls over the weekend and early Monday following the agreement between the U.S. and Iran on a framework deal to end the war, prices have been hovering around $83.
Meanwhile, the first Iranian vessels have crossed the Gulf of Oman, an area affected by the U.S. naval blockade, state media said.
At least three oil tankers and two cargo ships passed through the zone on Monday evening without incident, the Iranian broadcaster Press TV reported, citing well-informed sources.
The framework U.S.-Iran deal aimed at ending the war is to be formally signed in Switzerland on Friday.
A key sticking point until the end had been the opening of the Strait of Hormuz, a vital shipping route for the world’s oil.
A lack of detail continues to weigh on market sentiment, however.
The text of the deal is scheduled to be published only after signing, according to U.S. Vice President J.D. Vance.
(dpa/NAN)
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