Oil Prices Drop as US Grants 60-Day Waiver on Iranian Exports
Oil prices fell sharply after the US granted a 60-day waiver allowing Iranian exports, compounding pressure from rising flows through the Strait of Hormuz, according to ING analysts.
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Crude oil prices declined sharply following the US decision to issue a 60-day sanctions waiver that permits Iranian crude exports. The move adds to existing downward pressure from increased flows through the Strait of Hormuz.
ING analysts Warren Patterson and Ewa Manthey noted the waiver as a key factor behind the price drop, with markets already contending with elevated supply. The short-term exemption could further weigh on oil benchmarks in the near term.
Source: FXStreet Forex News