Industry Odisha Bureau, Aug 27: Amid the ongoing Middle East supply chain disruptions as well as the cloud of uncertainty hovering over the tug of war between the USA and Iran, crude oil prices reportedly declined today yet again.
As per media reports, “The Brent Crude Oil Futures slipped 60 cents (0.7%) to $87.24 per barrel marking the fourth consecutive day of losses, while the West Texas Intermediate (WTI) Crude Futures dropped 56 cents (0.7%) to $81.67% extending the to a fifth straight decline.”
Reasoning out the current state of affairs regarding the crude oil prices, media reports have stated that, “Iranian sources yesterday (August 26) informed that their nation and adjoining Oman are in discussions to finalise the details of an agreement aimed at managing the globally strategic chokepoint Strait of Hormuz. The two nations need to reach an understanding on sharing the control of the globally strategic waterway that links major Gulf oil-producing nations with the global markets as well as revenues.”
Media reports have also stated that, “Qatar’s Prime Minister is likely to travel to Iran in a bid to revive diplomatic negotiations aimed at bringing an end to the conflict and impasse lingering over six months since the tension broke out in the wee hours of February 28 this year and despite the interim ceasefire agreement inked in June between Trump-led US regime and its bête noire Iran.”
