Nevertheless,
Oil prices drop 6 %:
Oil prices sold 6 % on Tuesday. In addition, reaching their lowest level for two weeks, the markets anticipating that the truce between Israel and Iran will reduce the risk of disruption of oil supply in the Middle East.
However. Moreover, this truce remains fragile, American president Donald Trump accusing Israel and Iran of having raped her, just hours after his announcement.
Brent -to -term contracts fell by $ 4.34, or 6.1 %, to end at $ 67.14 per barrel. Consequently, The American crude West Texas Intermediate (WTI) lost $ 4.14, or 6.0 %, to finish at $ 64.37. Furthermore,
This is the lowest level of closing for Brent since June 10. For example, for WTI since June 5, before the surprise attack of Israel against Iranian key military and nuclear installations on June 13.
“The geopolitical risk premium accumulated since oil prices drop 6 % the first Israeli strike against Iran almost two weeks ago has completely disappeared. ” analyzes Tamas Varga, principal analyst at TP Icap’s PVM Oil Associates, brokerage and advice company.
On Monday, the two contracts had already finished down more than 7 %. They had previously reached heights over five months after the American attack on Iranian nuclear installations over the weekend.
The direct involvement of the United States in the conflict had worried investors about the security of the Strait of Ormuz. a narrow maritime passage between Iran and Oman, by which pass between 18 and 19 million barrels of crude and petroleum products, almost a fifth of world consumption each day.
Prices also fell after Donald Trump said China. the world’s leading importer of oil, could continue to buy oil in Iran.
On the offer of the offer. the state company Kazakhe Kazmunaygaz raised its production forecasts for the oil prices drop 6 % Tengiz deposit, operated by Chevron, at 35.7 million metric tonnes in 2025 against 34.8 million previously awaited.
Kazakhstan is part of the OPEC+Alliance, which brings together the organization of oil exporting countries (OPEC) and its allies. Several other OPEC+ members have also increased their production.
In Guyana. oil production reached 667,000 barrels per day in May, against 611,000 in April, brought by the increase in production on two of the three sites operated by the American Exxon Mobil.
US economy. petroleum stocks
Another factor weighing on prices: the confidence of American consumers, which has deteriorated unexpectedly in June, households are increasingly worried about employment and economic uncertainty linked to customs tariffs imposed by Donald Trump.
The president of the New York Federal Reserve. John Williams, has planned slower growth and higher inflation this year, largely because of customs duties, suggesting that it was not in a hurry to lower interest rates, oil prices drop 6 % a measure likely to stimulate economic growth and petroleum demand.
The American Petroleum Institute (API). the American Energy Information Agency (EIA) had to publish their data on petroleum stocks in the United States, [EIA/S] [API/S]
Analysts believe that companies in the sector have drawn around 0.8 million barrels from American stocks during the week completed on June 20.
If this is confirmed. it would be the first time since January that companies have drawn from the reserves five consecutive weeks. Last year at the same period, stocks increased by 3.6 million barrels, compared to an average drop of 2.5 million over the last five years (2020-2024).
The API publishes its figures on Tuesday and EIA on Wednesday.
Oil prices drop 6 %
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