US-Iran Diplomacy Sends Oil Prices Drifting Lower
Crude oil futures have been drifting lower due to renewed talks between the US and Iran. Investors are optimistic about potential diplomatic breakthroughs, which could ease tensions in the region.
The increased crude flows from the Middle East have also helped alleviate supply fears. Saudi Aramco has issued a new crude oil tender for ship-to-ship transfer in the Gulf of Oman, aiming to boost Hormuz exports.