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Standard Chartered: Oil Markets Must Now Price Two Middle East Chokepoints
Oil prices gave up earlier gains on Friday after reports that Pakistan is trying to broker a return to U.S.-Iran nuclear negotiations.
AI Summary
Oil prices slipped on Friday after reports that Pakistan is attempting to revive U.S.–Iran nuclear talks. China is backing the effort, citing the ongoing conflict and the Strait of Hormuz closure as threats to its energy security and economy. Brent crude for September delivery fell 4.4%, trading at $96.36 per barrel at 1.35 pm ET. WTI crude for September delivery dropped 3.6%, changing hands at $88.86 per barrel. The market reaction reflects concerns over the two Middle East chokepoints.
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