pakistan
Oil prices steady as investors weigh Iran peace deal
Key takeaways
- Brent crude futures were up 30 cents, or 0.4%, to $79.26 a barrel by 1010 GMT, and U.S.
- Both had fallen about 5% on Tuesday, fuelled by hopes that a U.S.-Iran deal would allow oil to leave the Gulf.
- “The current baseline is that the Strait of Hormuz will reopen and that ships will begin transiting through this critical chokepoint in both directions,” PVM Oil analyst Tamas Varga said.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize LONDON/BANGALORE, June 17: Oil prices held steady near a three‑month low on Wednesday as investors weighed the impact of a US-Iran peace deal and the International Energy Agency’s warning of a supply overhang next year against firmer near-term demand to replenish inventories.
Brent crude futures were up 30 cents, or 0.4%, to $79.26 a barrel by 1010 GMT, and U.S. West Texas Intermediate gained 24 cents, or 0.3%, to $76.29. Both contracts hit their lowest level since early March earlier in the session.
Both had fallen about 5% on Tuesday, fuelled by hopes that a U.S.-Iran deal would allow oil to leave the Gulf.
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