Oil prices dipped Monday as President Trump announced U.S. efforts to free ships stranded in the Strait of Hormuz. Brent crude fell 0.59% to $107.53 a barrel while West Texas Intermediate dropped 0.82% to $101.10. Despite the decline, prices remained supported above $100 due to ongoing U.S.-Iran tensions and lack of a peace agreement. Trump stated the U.S. would guide ships safely through restricted waterways, but negotiations remain stalled with both sides refusing to compromise on key issues. OPEC+ approved a modest production increase of 188,000 barrels daily for June, marking the third consecutive monthly rise, though actual output gains will likely remain limited as long as Gulf shipping disruptions from the Iran conflict persist.
Post from MarketNews_en
Log in to interact with content.