Oil prices fell on Tuesday, \u200cerasing most of the previous session’s gains, after Iran and Israel said they had halted attacks on each other following an appeal from US\u00a0President Donald Trump, though both sides warned they could resume hostilities.<\/p>\n
Brent \u200bcrude futures were down $1.33, or 1.4%, at $92.92 a barrel at 0741 GMT, while \u200bUS\u00a0West Texas Intermediate declined $1.73, or 1.9%, to $89.57 a barrel.<\/p>\n
“In the meantime, global oil inventories keep depleting and \u200bas data, whether weekly or monthly, becomes available, realization of dangerously low oil stockpiles worldwide could intensify \u200cthe \u2060race for available barrels pushing Brent back above $100 once again,” Varga said.<\/p>\n
Tehran has continued to block most shipping through the Strait of Hormuz, which before the war carried a fifth of the world’s crude oil and liquefied natural gas. Washington has imposed its own blockade of \u200bIranian ports.<\/p>\n
Read:\u00a0Oil prices gain over 5%<\/p>\n
Also helping \u200bto keep a lid \u2060on prices was a drop in China’s imports of crude, which were down 29% to their lowest levels in eight years last month. \u200b<\/p>\n
In April, imports fell to a of 9.3 million bpd, with \u200brefiners in \u2060the world’s largest oil importer to offset an even steeper decline from an average of 11 million bpd prior to the US-Israeli war on Iran.<\/p>\n
On Monday, US\u00a0forces\u00a0disabled an \u2060unladen oil \u200btanker\u00a0in the Gulf of Oman after it attempted \u200bto sail to an Iranian port in violation of the ongoing blockade against Iran, the US\u00a0military said.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices fell on Tuesday, \u200cerasing most of the previous session’s gains, after Iran and Israel said they had halted attacks on each other following an appeal from US\u00a0President Donald Trump, though both sides warned they could resume hostilities. Brent \u200bcrude futures were down $1.33, or 1.4%, at $92.92 a barrel at 0741 GMT, while …<\/p>\n","protected":false},"author":1,"featured_media":4468,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=\/wp\/v2\/posts\/4464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4464"}],"version-history":[{"count":1,"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=\/wp\/v2\/posts\/4464\/revisions"}],"predecessor-version":[{"id":4469,"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=\/wp\/v2\/posts\/4464\/revisions\/4469"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=\/wp\/v2\/media\/4468"}],"wp:attachment":[{"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistantimesusa.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}