Oil prices fall as geopolitical risk premium recede

Oil drilling rigs

Oil prices fell today, Sept. 24, after Iran announced its readiness to continue diplomacy to end the conflict with the US, despite the continued wide gap between the two sides regarding de-escalation mechanisms.

 

Priyanka Sachdeva, Head of Market Research at Phillip Nova, explained that the market is currently partially eliminating the geopolitical risk premium as supplies recover and hopes grow for diplomatic progress, Reuters reported.

 

This decline came amid market assessments of Iranian statements confirming that Tehran is studying Washington's response to peace proposals that prioritize lifting the US naval blockade on Iranian ports and reopening the Strait of Hormuz.

 

Meanwhile, data from the Energy Information Administration showed that US crude oil inventories rose by three million barrels during the week ended Sept. 18.

 

Brent, WTI Futures Prices

Crude

Price ($/bbl)

Change ($)

Change

Brent (November delivery)

102.27

(0.81)

(0.80%)

WTI (October delivery)

91.41

(0.75)

(0.80%)
*At 07:50 am Makkah time

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Commodity Price

 
Brent Crude Oil
102.24
1.31 1.30%
Nymex
89.08
(1.16) (1.29%)

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