Oil Prices Little Changed After A Sharp Slump
(RTTNews) - Oil prices were little changed on Thursday, after having fallen over 5 percent in the previous session amid optimism over a possible easing of Middle East tensions. Brent crude futures for July delivery were down 0.3 percent at $104.72 a barrel while WTI crude futures slipped 0.2 percent to $98.07.
Both benchmarks dropped around 5.6 percent on Wednesday to their lowest in more than a week amid expectations for a near-term restart of energy flows through the critical Strait of Hormuz.
As Iran reviews a new U.S. proposal to resolve the Middle East conflict, U.S. President Donald Trump said that negotiations could yield a deal within days or collapse into renewed strikes.
Trump said Wednesday that talks with Iran are on the "borderline" between a deal and renewed strikes, and Washington could wait a few days to "get the right answers."
Iran has announced a new Persian Gulf Strait Authority (PGSA) to formalize its control over the Strait of Hormuz.
PGSA, backed by Iran's Supreme National Security Council and the Islamic Revolutionary Guard Corps Navy (IRGCN), mandates that all commercial vehicles obtain explicit transit permits and strictly coordinate with Iranian authorities to pass through the Strait of Hormuz.
The crucial waterway remains effectively closed in response to the U.S. and Israeli attacks that started the war on February 28.
Meanwhile, the U.S. Energy Administration said on Wednesday that crude oil inventories fell by 7.9 million barrels to 445 million barrels in the week ended May 15. The EIA Strategic Petroleum Reserve (SPR) saw its largest historical decrease in inventory last week.
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