Jun. 21 at 9:13 AM
Crude oil prices moderated somewhat on Friday, as the U.S. imposed new Iran-related sanctions, marking a diplomatic approach that fed hopes of a negotiated agreement, a day after President Trump said he may take 2weeks to decide U.S. involvement in the Iran-Israel war. The sanctions target at least 20 entities, 5 individuals & 3 vessels, according to Treasury's Office of Foreign Asset Control. It was also reported that the European Union has abandoned its proposal to lower the price cap on Russian oil to
$45. U.S. energy firms this week, cut the number of oil & natural gas rigs operating for an 8th week in a row for the 1st time since September 2023, energy services firm
$BKR announced. The oil & gas rig count, an early indicator of future output, fell by 1 to 554 in the week to June 20, the lowest since November 2021.
$NBZ_F August crude futures fell to
$77.01 per barrel, a -2.33% decrease, while U.S. West Texas Intermediate August crude gained +0.46%, to
$73.84.
