Oil Stuck, Iran Eyes Control of Hormuz!
Oil prices stabilized after initially strengthening ahead of planned talks between the United States and Iran in Doha. The market remains cautious due to conflicting signals from Washington and Tehran, leaving the direction of negotiations to end the four-month war unclear.
Brent crude for September contracts moved above US$73 per barrel after rising 1.8% in trading on Tuesday (June 30). Meanwhile, West Texas Intermediate (WTI) hovered around US$70 per barrel. Oil prices remain supported by market attention on the Strait of Hormuz, a vital route for global energy supplies.
Iran has stated that it will continue with plans to monitor shipping through the Strait of Hormuz if Oman is not interested in doing so jointly. This stance indicates that significant differences remain over the management of the waterway. The United States, Europe, and Gulf Arab states have rejected the possibility of imposing fees or charges on ships passing through after the interim agreement expires.
Washington said talks will begin on Tuesday in Doha. However, Iran stated that it will only send an expert delegation and will not engage in direct negotiations with the United States. This difference in attitudes has kept market participants cautious, even though shipping traffic in the Strait of Hormuz is starting to show signs of recovery.
Morgan Stanley cut its Brent price forecast due to the faster-than-expected reopening of the Strait of Hormuz. The bank believes strong US exports and weak Chinese demand could keep global oil supplies sufficient. Early in Singapore, September Brent fell 0.5% to US$73.54 per barrel, while August WTI fell 0.6% to US$70.32 per barrel. (asd)*
Source: newsmaker.id
