Crude Oil Slides to 1-Month Low
Crude oil prices fell around 5% to $88.50 a barrel on Friday, reaching a one-month low after the Group of Seven agreed to consider releasing up to 100 million barrels of emergency oil and diesel reserves to ease fuel costs. The coordinated release, overseen by the International Energy Agency, is expected to take place over four months, French President Emmanuel Macron said. Macron indicated that the initiative aims to bring down prices following pressure from the Trump administration to address tightening fuel markets. Meanwhile, Middle Eastern crude exports have recovered close to pre-war levels, although uncertainty surrounding US-Iran negotiations continues to cloud the outlook. The Strait of Hormuz remains a key concern, with reported tanker attacks underscoring persistent shipping risks and the US strengthening air defences around energy facilities in Saudi Arabia and Qatar.
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50 a barrel on Friday, reaching a one-month low after the Group of Seven agreed to consider releasing up to 100 million barrels of emergency oil and diesel reserves to ease fuel costs. The coordinated release, overseen by the International Energy Agency, is expected to take place over four months, French President Emmanuel Macron said. Macron indicated that the initiative aims to bring down prices following pressure from the Trump administration to address tightening fuel markets. Meanwhile, Middle Eastern crude exports have recovered close to pre-war levels, although uncertainty surrounding US-Iran negotiations continues to cloud the outlook.
The Strait of Hormuz remains a key concern, with reported tanker attacks underscoring persistent shipping risks and the US strengthening air defences around energy facilities in Saudi Arabia and Qatar.