Ghana news briefing
Oil drops more than $2 despite new US sanctions on Iran
TotalEnergies Chief Executive Patrick Pouyanne said the oil company was profitably moving oil through the Strait of Hormuz, with higher transport costs more than offset by steep discounts from crude producers."$93 per barrel Brent, rather than $120-150, is telling us that enough oil is flowing through the Strait of Hormuz and from the Persian Gulf in general," SEB analyst Bjarne Schieldrop told Reuters, adding that a turning point could be if Iran decided to actually close Hormuz with rockets and drones.
The International Energy Agency is not currently discussing a second release of oil from its strategic reserves, its chief, Fatih Birol, said on Monday.
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