Oil Falls as MoU Allows Iran to Export

Oil prices declined further on Thursday, following the release of the text of the interim agreement signed by the US and Iran.

Under the agreement, Iran will be allowed to resume oil and fuel sales, along with the banking, insurance, and shipping services needed to move those cargoes.

It also reopens the Strait of Hormuz with both Iran and the US agreeing to remove their blockades, allowing some of the world's largest oil producers to ship their exports to global energy markets.

Brent crude futures was at US$78.12 per barrel in the morning, while WTI was at US$75.17.

Brent is now down more than 33% over the past month, while WTI has plunged to the mid-US$70s. - Trade Arabia