1 week ago
Oil Prices Slide as Trump’s Iran Decision Nears
Oil prices have been moving lower before an expected decision by Donald Trump about Iran.
Brent crude, a widely watched oil price, has not risen above $95 per barrel since July 27.
Peter McGuire, an oil market expert, said prices could fall more in the coming weeks.
He pointed to reports that energy products are still moving through the Strait of Hormuz.
Around 20 million barrels of product are reportedly leaving the region each day.
This suggests that oil supplies are continuing to reach buyers.
The U.S. energy secretary has also said there is no shortage of energy products traveling through the strait.
Traders may therefore expect prices to weaken.
Brent crude has remained below $95 per barrel since July 27.
Peter McGuire said oil prices could begin falling over the next few weeks.
McGuire cited claims that energy products continue moving through the Strait of Hormuz.
About 20 million barrels of product are reportedly leaving the region each day.
The market outlook comes ahead of President Donald Trump’s anticipated economic decision on Iran.
- Who
- Donald Trump, U.S. Energy Secretary Chris Wright, and oil expert Peter McGuire are mentioned.
- What
- Oil prices are sliding, with an expert forecasting that crude could fall further.
- Where
- The relevant supply flows are through the Strait of Hormuz and from the surrounding region.
- When
- The report discusses the outlook ahead of Trump’s anticipated decision on Iran; Brent has stayed below $95 per barrel since July 27.
- Why
- Reportedly continued shipments of about 20 million barrels of product per day may be easing concerns about supply shortages.
Key facts
- Benchmark
- Brent crude
- Recent price level
- Brent has not broken above $95 per barrel since July 27.
- Forecast
- Peter McGuire said prices could start dropping over the next few weeks.
- Reported daily shipments
- Nearly 20 million barrels of product are leaving the region each day.
- Key waterway
- The Strait of Hormuz
- U.S. official cited
- Energy Secretary Chris Wright
- Political context
- The outlook comes ahead of Donald Trump’s anticipated economic decision on Iran.
Quotes
Peter McGuire
Global oil expert and CEO-Australia at Trading.com
“if we are to believe US Energy Secretary Chris Wright then there’s no shortage of energy products travelling currently through the Strait of Hormuz.”
timesnownews.com
Sources
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