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.