Oil slips as White House cautions Iran may face pressure
Oil prices slipped on Thursday, with Brent crude at $94.49 and West Texas Intermediate at $90.59 per barrel, as hopes grew for a diplomatic breakthrough between the US and Iran.
The White House sounded cautiously optimistic about reaching an agreement but made it clear that more economic pressure could come if Iran doesn't cooperate.
Strait of Hormuz remains tense
The Strait of Hormuz (where about 20% of global oil and liquefied natural gas shipments move) remains tense after recent U.S.-Israel strikes and an Iranian blockade.
If talks succeed, Iran might reopen shipping routes through Omani waters.
Meanwhile, the US said waivers allowing some purchases of Iranian and Russian oil without facing US sanctions will not be extended.
Toshitaka Tazawa sees oil $80-$100
Analyst Toshitaka Tazawa thinks oil could bounce between $80 and $100 until shipping through the strait returns to normal.
It's another reminder of how quickly global events can shake up energy prices, and why everyone's watching what happens next in this region.