Oil Prices Falter Amid Middle East Tensions and Supply Disruptions
Oil prices are on track to end their two-week winning streak despite ongoing Middle East tensions. Brent crude futures have fallen by 25 cents to $89.45 per barrel, while West Texas Intermediate (WTI) crude has dropped 22 cents to $83.31 a barrel.
The decline comes as the US and Iran continue to engage in diplomatic efforts, with Washington stating it is not interested in reviving previous deal terms with Tehran. The Trump administration's stance has complicated talks aimed at restarting negotiations between the two countries.
OPEC+, the world's most powerful oil alliance, finds itself struggling to influence markets as its market share erodes due to supply disruptions caused by the Iran war. Cuts in Chinese crude imports have emerged as a key factor balancing oil markets amid what analysts describe as the worst-ever supply disruption.