Oil heads for weekly loss on Hormuz traffic rebound
Crude oil prices fell on track for a weekly loss as shipping activity in the Strait of Hormuz showed signs of recovery and tanker traffic increased.
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Oil slips 1% as Gulf shipping improves
Oil prices declined on Wednesday, with Brent crude falling 1% to $76.30 per barrel and West Texas Intermediate dropping 1.1% to $72.43, extending losses to multi-month lows.
Oil prices drop as crude flows resume through Strait of Hormuz
Brent crude futures fell $1.09, or 1.4%, to $76.81 a barrel, while U.S. West Texas Intermediate crude declined 87 cents, or 1.2%, to $72.99 a barrel as of 0607 GMT.
Brent crude falls to $79.12 dollars
Brent Crude fell 0.91% to $79.12 a barrel after initial US-Iran peace negotiations concluded with encouraging progress.
Crude oil prices surge toward $100 as Middle East tensions escalate
Crude oil prices extended gains on Wednesday, rising approximately 2% as market participants reacted to a significant escalation in Middle East hostilities and a breakdown in diplomatic communication between Tehran and Washington.
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Iran War Triggers Africa's Hunt to Secure New Fuel
The war in Iran is strangling fuel shipments through the Strait of Hormuz, leaving many African nations with just weeks of oil left. Lacking their own refineries, these countries are now being outbid by wealthier nations, sparking fears of fuel shortages and price hikes across the continent. Bloomberg's Jennifer Zabasajja spoke to Joumanna Bercetche on Horizons Middle East and Africa.