[MARKET UPDATE] Oil futures pare some of their gains with Brent crude back below the USD 100/bbl and with WTI returning beneath USD 94/bbl after reports that Iran gave permission for Indian oil tankers to pass through the Strait of Hormuz
Newsquawk Staff ·
Oil futures pare some of their gains with Brent crude back below the USD 100/bbl and with WTI returning beneath USD 94/bbl after reports that Iran gave permission for Indian oil tankers to pass through the Strait of Hormuz.
What it means
Oil futures have retraced some gains as Brent crude dips below $100/bbl and WTI falls beneath $94/bbl. This movement follows reports of Iran permitting Indian oil tankers in the Strait of Hormuz, which may ease supply concerns, influencing both prices and inflation expectations in the broader market.
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