NEW WORK: Global oil prices were little changed on Friday, as investors watched the uncertainty surrounding a possible peace deal between the United States and Iran closely.
Brent crude fell 21 cents to $95.24 a barrel, while US West Texas Intermediate (WTI) crude was trading 10 cents lower at $92.94 a barrel.
Experts said the oil market was under pressure due to ongoing tensions in the Middle East and a slowdown in US-Iran talks. Hopes for peace in the region were also hit after Hezbollah rejected a proposed ceasefire agreement in Lebanon.
According to reports, shipping in the Strait of Hormuz, which carries about 20 percent of the world’s oil, is still limited. This situation has further heightened concerns in the global energy market.
Meanwhile, OPEC Secretary-General Haitham al-Ghais said that despite the ongoing conflict in the Middle East, global oil demand is expected to increase by 1.2 million barrels per day this year.
On the other hand, shipping data has shown that Iranian oil exports have fallen to their lowest level in the past six years, which is being attributed mainly to US maritime sanctions, but weak demand in China has also kept pressure on Iranian oil prices.
Energy experts say that if global reserves continue to decline, oil prices could rise significantly in the third quarter of this year.
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