On hopes of the Strait of Hormuz reopening, international oil prices fell 7%, with WTI at 90dollars
25On [date] (local time), international oil prices fell sharply amid hopes for negotiations between the United States and Iran. WTI dropped to the 90dollar level, down about 7% from the previous day.
25On [date] (local time), international oil prices plunged. Hopes of reopening the strait following negotiations between the United States and Iran acted as a factor behind the decline. Related news was immediately reflected in oil prices that day.
The possibility was raised of reopening the Strait of Hormuz, where passage had effectively been blocked. Reports said that changes in the situation in the strait could affect crude oil supply. The news triggered an immediate price adjustment in international markets.
WTI (West Texas Intermediate) fell to the 90dollar level. International oil prices fell by around 7% overall. Price movements widened significantly during trading that day.
It was added that the Strait of Hormuz is a major crude oil shipping route. Changes in passage through the strait affect vessel operations and the flow of crude oil shipments. Announcements and negotiation schedules related to this heightened market volatility.
This adjustment is a price movement directly reflected in oil price benchmarks. Market participants watched the progress of the related negotiations. Whether there will be further announcements is expected to affect the subsequent trend.
Sources: 연합뉴스 경제
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