Fuel Prices Hold Steady Amid US-Iran Deal Optimism

The retail fuel prices in India remained stable on Thursday, August 6, despite the decline in Brent crude price due to optimism over the US-Iran deal.

The global benchmark Brent crude traded near $79 a barrel, while West Texas Intermediate fell 0.4% to below $75 per barrel after losing 11% in the week's first three sessions on optimism that some form of accord to restore traffic through the Strait of Hormuz is near.

US oil prices have already fallen below $80 per barrel as the global oil market evaluates the potential of a deal with Iran, according to Tortoise Capital senior portfolio manager Rob Thummel. He added that if a deal is reached, it is possible for oil to head toward $70 per barrel.