Oil prices stabilize with global attempts to calm supply disruptions
The price of Oiltoday after rising by 10% yesterday, as a barrel of Brent remained hovering around $100, while the value of stocks on Asian stock exchanges witnessed a decline due to extreme tension.
At approximately 6:30 AM GMT, the price of a barrel of West Texas Intermediate, which represents the American standard for pricing oil, fell to $95.65, or by 0.09%, after it had recorded a rise of 1.6 percent at the beginning of trading.
As for the barrel of Brent, which is considered the reference in the global market, it rose to $100.77, or 0.31 percent, after it had ended Thursday’s trading above the $100 threshold for the first time since August 2022.
Calming the turmoil
In an additional attempt to calm the turmoil in supplies, the United States announced Thursday that it would temporarily allow the sale of Russian oil stuck in the sea.
The member states did not succeed in The International Energy Agency has curbed the supply disruption, after it decided to withdraw record quantities of oil from its strategic reserves, amounting to 400 million barrels from the stocks of 32 countries.
As for US President Donald Trump, he stressed that what is more important to him than controlling these prices is "Preventing an evil empire, Iran, from obtaining nuclear weapons and destroying the Middle East, and even the entire world".
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