pakistan
Oil prices fall 5% to 3-month low on hopes Strait of Hormuz will open
Key takeaways
- Brent crude futures fell $4.21, or 5.1%, to settle at $78.96 a barrel, while U.S.
- On February 27, Brent closed at $72.48 a barrel and WTI closed at $67.02.
- “Crude oil is sliding fast on the assumption the Strait of Hormuz will open soon,” Bob Yawger, director of energy futures at Mizuho, said in a note.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize NEW YORK: Oil prices fell about 5% for a second day in a row to a three-month low on Tuesday as details emerged of an interim deal to end the war in the Middle East and reopen the Strait of Hormuz, including an agreement to allow Iran to sell oil.
Brent crude futures fell $4.21, or 5.1%, to settle at $78.96 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $4.70, or 5.8%, to settle at $76.05.
The U.S.-Iran war started on February 28. On February 27, Brent closed at $72.48 a barrel and WTI closed at $67.02.
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