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Oil Prices Drop Amid US-Iran Mediation and Houthi Threats

Oil Prices Drop Amid US-Iran Mediation and Houthi Threats

Matichon•International•52m ago

Reader Briefing

Oil prices decreased on Tuesday, July 21, as markets weigh mediation efforts between the US and Iran against Houthi threats to blockade Saudi Arabia.

  • •Brent crude futures fell 35 cents or 0.4% to 88.87 dollars per barrel on July 21.
  • •Tehran received a mediator's offer for a 10-day ceasefire to revive a June 17 temporary agreement.
  • •The Houthi group in Yemen announced a maritime blockade against Saudi Arabia on Monday.
  • •US crude oil reserves and gasoline stocks are expected to decrease this week according to a Reuters survey.

Overview

  • •Brent crude futures decreased by 0.4% to 88.87 dollars per barrel, while US West Texas Intermediate futures for September delivery remained steady at 82.47 dollars per barrel on July 21.
  • •An Iranian senior official stated that Tehran received a mediator's proposal for a 10-day ceasefire to recover a temporary agreement signed on June 17.
  • •A war began on February 28 following attacks on Iran by the US and Israel.
  • •The US launched another round of attacks on Iranian cities, and the Islamic Revolutionary Guard Corps (IRGC) attacked US military assets in several regional areas.
  • •Tony Sycamore of IG noted that while oil prices have risen significantly and could rise further, recent talks on reducing tension have limited current increases.
  • •The Houthi group in Yemen announced on Monday it would implement a maritime blockade against Saudi Arabia.
  • •Tim Waterer of KCM Trade stated that the Houthi threat to blockade Saudi Arabia is a significant issue that risks oil exports from several major exporting countries.
  • •A Reuters survey on Monday predicted that US crude oil and gasoline reserves may decrease this week, while refined oil stocks may increase.

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Key Entities

Place

United States(สหรัฐ)ℹ️
A country involved in a dispute with Iran and target of IRGC attacks.
Iran(อิหร่าน)ℹ️
A country involved in a dispute with the United States and Israel.
Saudi Arabia(ซาอุดีอาระเบีย)ℹ️
A major oil exporting country threatened with a maritime blockade by the Houthi group.
Israel(อิสราเอล)ℹ️
A country that, along with the US, attacked Iran on February 28.
Yemen(เยเมน)ℹ️
The location of the Houthi group.

Organization

Houthi group(กลุ่มฮูตี)
An Iran-supported group in Yemen that threatened a maritime blockade against Saudi Arabia.
Islamic Revolutionary Guard Corps (IRGC)(กองกำลังพิทักษ์การปฏิวัติอิสลามของอิหร่าน (IRGC))
An Iranian force that attacked US military assets in various regional areas.
IG
The organization where market analyst Tony Sycamore works.
KCM Trade
The organization where Tim Waterer serves as chief market analyst.
Reuters(รอยเตอร์)ℹ️
A news organization that reported on Iranian officials and conducted a survey on US oil reserves.

Person

Tony Sycamore(โทนี ไซคามอร์)
A market analyst at IG.
Tim Waterer(ทิม วอเทอเรอร์)
The chief market analyst at KCM Trade.