Oil Par es Gains After Qatar Says US-Iran Talks Continue, With Brent at $83.94
Updated
Updated · CNA · Aug 4
Oil Par es Gains After Qatar Says US-Iran Talks Continue, With Brent at $83.94
3 articles · Updated · CNA · Aug 4
Summary
Brent cut an earlier 2% rise to trade up 17 cents at $83.94 a barrel, while WTI slipped 30 cents to $80.04 after Qatar said US-Iran diplomatic efforts were still underway.
Qatar said mediators including Oman and Pakistan were exchanging draft proposals, easing some fears of immediate escalation even as uncertainty over a possible US-Iran deal had driven prices higher earlier.
Shipping disruptions still underpinned the market: Hormuz transits were only marginally better from severely depressed levels, and a cargo vessel near Oman's Al Khasab reported being hit by an unknown projectile.
The Strait of Hormuz normally carries about one-fifth of global oil and LNG supply, and Goldman Sachs expects Brent to stay in an $80-$90 range until either a new agreement is confirmed or attacks escalate.