Patrick Pouyanne, chief executive of France’s TotalEnergies, believes the Middle East still has the cheapest oil
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Oil prices have experienced volatility amid reported disruptions to shipping in the Strait of Hormuz linked to the Iran conflict. Additionally, market movements coincide with indications of declining reserve levels.
Middle East oil producers are reportedly increasing output to recapture market share following a recovery in exports through the Strait of Hormuz. However, persisting logistical risks and elevated operational costs have contributed to maintaining high oil prices.
The U.S. President stated that the threat of a nuclear weapon in Iran no longer exists. This assertion has not been independently verified, and international observers continue to monitor Iran's nuclear program.
The MOEX and RTS indices closed slightly lower, declining 0.3% to 2,330.32 and 858.79 points, respectively.