Oil Extends Losses As Oman Proposes "Voluntary" Fees For Hormuz Transits
Oil prices have dropped significantly amid reports that the U.S. is preventing Israel from striking Iranian energy assets. Additionally, potential plans for voluntary transit fees in the Strait of Hormuz have contributed to market optimism regarding supply stability.
Why it matters
Fluctuations in oil prices directly impact global inflation and energy security, making geopolitical tensions in the Middle East a critical factor for the global economy.
Meanwhile, Trump prevents Israel from attacking Iran's energy assets: File Image/Pixabay
Oil on Tuesday extended its losses, this time by about 5 percent , as an unusually optimistic market continued to think peace between the U.S. and Iran was possible as a suspension of military strikes between the two countries continued.
As of 1601 GMT, Brent fell $4.61 , or 5.2 percent , to $83.75 per barrel, and West Texas Intermediate fell $4.06 , or 4.9 percent , to $78.55 ; both benchmarks dropped about 17 percent over three days.
Doves were mollified on Tuesday when Israel Katz , Israel 's defense minister, told media that U.S. president Donald Trump was preventing his country from striking energy targets in Iran.
We're prepared to set [Iran] back 40 years
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