Yongchang Chin

Oil extended declines on signs of progress toward an agreement to end the Iran war, which included a U.S. waiver allowing some sales of crude and fuels from the Islamic Republic.

Oil held declines as more tankers openly cross the Strait of Hormuz, with the US and Iran making progress toward ending the war.

Asian refiners have slowed purchases of Middle Eastern crude after a buying spree over the past three weeks, with oil majors and traders stepping in to take some of the surplus barrels.

El petróleo amplió sus pérdidas mientras más petroleros cruzan el estrecho de Ormuz y Estados Unidos e Irán muestran señales de avance hacia el fin de la guerra.

Key parts of the oil market are suddenly awash in supply, as a stream of cargoes out of the Strait of Hormuz accelerates after the US-Iran agreement to open the waterway.

Oil was steady following a run of losses that’s erased most of the wartime price gains, with fears of a supply crunch subsiding as more ships transit the Strait of Hormuz after early progress on a peace deal.

Qatar has joined Persian Gulf nations in reviving crude sales, as regional producers crank up activity following the US-Iran interim peace deal.

Brent-Öl hat seine gesamten kriegsbedingten Gewinne wieder abgegeben, nachdem die Öllieferungen durch die Straße von Hormus infolge von Fortschritten bei einem Friedensabkommen zwischen den USA und dem Iran zugenommen haben.

Brent for August settlement was 1.4% lower $72.68 a barrel at 1:32 p.m. in Singapore after touching $72.24 earlier in the session.

Qatar has joined Persian Gulf nations in reviving crude sales, as regional producers crank up activity following the US-Iran interim peace deal.