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Oil Falls to the to a a Near Four-Month Low as Tankers Begin to Move Through the Strait of Hormuz

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Oil edged down early Tuesday, falling for a third session as tankers begin moving through the Strait of Hormuz after the US and Iran continue peace talks and the US gave Iran a 60-day export-sanctions waiver.

West Texas Intermediate crude oil for August delivery was last seen down US$0.48 to US$73.38 per barrel, the lowest since March 2, while August Brent oil was down US$0.54 to US$77.36.

The US on Monday granted Iran a 60-day sanctions waiver, freeing up the county's oil exports, while ships trapped in the Persian Gulf since the Feb. 28 start to the war began moving through the Strait of Hormuz. The New York Times reported 109 ships have moved through the Strait since the weekend agreement between the two countries.

"Brent crude trades near USD 77.50 and is lower for a second day as US-Iran talks continue. Additional pressure followed the US decision to issue a 60-day sanctions waiver, allowing limited sales of Iranian crude and refined products. The move should facilitate the export of some of the estimated 30 million barrels that left Iranian ports last week. Meanwhile, shipping data showed millions of barrels of crude and fuel products transited the Strait of Hormuz over the weekend, reinforcing expectations of improving regional supply flows," Saxo Bank noted.

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