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.
Trump says Iran conflict will be over 'shortly,' sending oil prices tumbling down
Summary
There is no more a nuclear weapon threat in Iran, the US leader emphasized
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- TASS (Russia)(Russian State)
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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 MOEX and RTS indices closed slightly lower, declining 0.3% to 2,330.32 and 858.79 points, respectively.
TotalEnergies Chief Executive Patrick Pouyanne stated that the Middle East currently offers the lowest-cost crude oil. As an industry executive, his assessment reflects corporate strategic priorities rather than independently verified market data.