Oil Steadies as Middle East Uncertainty Persists
Crude oil steadied above $90 per barrel on Thursday after rising in the previous session, as investors weighed signs of a recovery in Middle East flows against an ongoing impasse in US-Iran negotiations. Crude shipments from the region were nearing pre-war levels after Saudi Arabia restored half the capacity of its East-West pipeline, while flows through the Strait of Hormuz climbed to 13.2 million barrels per day. However, markets remain cautious about the durability of the recovery without a lasting agreement to end the Iran war, with both Tehran and Washington claiming full control over the strategic waterway. Meanwhile, Iranian government spokesperson Fatemeh Mohajerani said Tehran had received a US proposal regarding the reopening of the strait. Elsewhere, OPEC+ is expected to keep November output quotas unchanged at its meeting this weekend.
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Crude oil steadied above $90 per barrel on Thursday after rising in the previous session, as investors weighed signs of a recovery in Middle East flows against an ongoing impasse in US-Iran negotiations. 2 million barrels per day. However, markets remain cautious about the durability of the recovery without a lasting agreement to end the Iran war, with both Tehran and Washington claiming full control over the strategic waterway. Meanwhile, Iranian government spokesperson Fatemeh Mohajerani said Tehran had received a US proposal regarding the reopening of the strait.
Elsewhere, OPEC+ is expected to keep November output quotas unchanged at its meeting this weekend.