- BIST10011,722-2.89%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,181.10+0.26%
- INTEREST37.00%-1.00
- BITCOIN81,539+0.05%
- October 17, 202613°
- BIST10011,722-2.89%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,181.10+0.26%
- INTEREST37.00%-1.00
- BITCOIN81,539+0.05%
- October 17, 202613°
Brent crude drops 5.3% as US-Iran conflict stalls
After US-Iran hostilities ceased, Brent crude prices dropped 5.3 percent to $83.6 per barrel. West Texas Intermediate crude fell 4.7 percent to $78.6 per barrel.
The recent US-Iran tensions entering a lull triggered a sharp drop in global oil markets. The price of Brent crude oil fell 5.3 percent on Tuesday, sliding to $83.6 a barrel.
The price of West Texas Intermediate (WTI) crude fell 4.7 percent to $78.6. This sharp drop in oil prices is seen as directly linked to the reduction in military activity in the region.
Last week, Brent crude had surged above $100 a barrel amid escalating US-Iran tensions. However, a cautious calm has prevailed in the region since last Friday.
Conflict Halt and Energy Markets
The US attacks on Iran and Iran’s alleged retaliatory strikes on US military facilities stopped after 13 days of clashes that began on July 11. This development eased concerns over global energy supplies.
In June, the US and Iran signed a memorandum of understanding aimed at stopping the fighting and reaching a broad agreement. But on July 8, US President Donald Trump declared the ceasefire over, citing attacks on tankers in the Strait of Hormuz.
Washington demands Iran stop attacks on ships and guarantee freedom of navigation in the strait, while Tehran argues that the traffic through the strait needs to be regulated. This dispute heightens international concerns over the impact of any escalation in the Strait of Hormuz, which is critical for global energy trade.
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