economy
Oil slides nearly 2% as markets look past fresh Iran tensions and focus on supply outlook
Oil extended declines on Friday, with markets focused any further breakthroughs in the Middle East conflict, while digesting a flurry of news from the region.
TL;DR
- Oil futures, Brent and WTI, fell by 1.89% and 1.92% respectively.
- A cargo ship near the Strait of Hormuz was attacked, with Iran implicated by a U.S. official.
- The ship reported no casualties or environmental damage.
- The International Maritime Organization secretary-general has temporarily paused an evacuation plan.
- Disagreements persist between Iran and the U.S. over the use of unfrozen Iranian assets.
- Iran's parliament speaker rejected claims that frozen assets would be used for U.S. agricultural products.
- OPEC may face another exit, with Iraq reportedly seeking a higher production quota.
- Scott Nations expressed skepticism about the current optimism regarding the situation.