Oil Slides As U.S.-Iran Truce Hopes Outweigh Houthi Attacks On Saudi Arabia

Filed 2h ago · Via HuffPost · The Buffoon Desk

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Kevin MacLeod · incompetech.com · CC BY 4.0

Photo: Jason Krüger for Wikimedia · CC BY-SA 4.0 · via Wikimedia Commons

Oil prices dropped more than 1% Friday as investors weighed a possible U.S.-Iran truce against fresh Houthi missile attacks on Saudi Arabia, which intercepted six ballistic missiles aimed at its territory.

U.S. and Iranian negotiators in New York are reportedly exploring a phased deal involving Tehran reopening the Strait of Hormuz in exchange for Washington lifting its economic blockade, though Iran's president says the timeline is up to the U.S.

Meanwhile domestic diesel hit a record $6.528 a gallon this week, driven partly by fears of a U.S. export ban, and the widening gap between Brent and WTI crude suggests refiners expect to process less oil if that diesel gets stuck at home.

About a fifth of global oil and gas shipments have reportedly been curtailed since the war began at the end of February.

The full dispatch is available from the source below.

✒ FROM THE EDITORIAL DESK

Nobody in this story sounds confident, which is probably the most honest thing in it. Diesel at a record price while everybody waits on a truce that may or may not happen is the kind of arithmetic that doesn't balance no matter how you write it down. When the analysts start calling a couple of days a watershed moment, that usually means nobody actually knows.

Source: Read the original at HuffPost → Scored: Sneaky Adventure · Kevin MacLeod · CC BY 4.0

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