finance
Oil Prices Hold Near $68 per Barrel as Hormuz Traffic Recovers to About Half Pre-Conflict Levels
Crude oil remained steady near $68 a barrel with tanker traffic through the Strait of Hormuz recovering after an interim U.S.-Iran peace deal. Saudi exports reached about 90 percent of pre-war levels while UBS cut its Brent forecasts.
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-Iran peace deal. @FirstSquawk reported that Saudi crude exports recovered to about 90 percent of pre-war levels, adding to global supply. Bloomberg data showed Saudi Arabia shipped 6.3 million barrels a day in the six days through Wednesday.
-Iran negotiations are continuing and that Iran has agreed to just about everything the United States needs. Reuters reported that Iranian crude exports regained momentum as the U.S. blockade eased and Hormuz transits recovered to about 50 percent of pre-conflict levels.
Brent's prompt spread briefly flipped into contango. Citigroup said oil market fundamentals are reasserting themselves as Hormuz disruptions fade and shipping flows normalize. UBS lowered its 2026 Brent average price forecast to $83.74 per barrel from $93.28 and its 2027 forecast to $75 per barrel.
Disputes over Hormuz transit fees, Iran's nuclear program, and regional security remain key risks to a lasting peace agreement. -Iran memorandum of understanding.
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CorroborationModerate · 3 sources
