Brent and WTI continue to soften this morning as Hormuz concerns ease and US stockpiles rise
Commodity
Crude oil prices edged lower this morning, extending the sharp decline from earlier in the week. Brent crude for October delivery slipped 0.2 percent to 79.28 US dollars a barrel, while West Texas Intermediate fell 0.4 percent to 74.90 dollars a barrel. The market was pressured by progress in the Strait of Hormuz situation after Iran reached an agreement with Oman on shipping lane coordinates, easing concerns about oil supply disruptions. Meanwhile, US government data showed crude stockpiles rose by about 2.5 million barrels last week, against market expectations for a 1.5 million barrel decline, indicating near-term oil demand may be slowing. However, analysts warned that geopolitical risks have not disappeared, as negotiations still face obstacles and it remains unclear whether any agreement can be fully implemented.
