WS #16493
Brent crude dropped below $110 per barrel as traders weighed fresh diplomatic efforts to prevent a restart of US military strikes on Iran, tempering the immediate supply disruption fears. Despite the price pullback, energy majors like Shell reported near-doubled quarterly profits, benefiting from the sustained high-price environment and refining margins. The market is currently pricing in a potential de-escalation, which could further pressure oil prices if confirmed.
Middle East Oil Dynamics and Shell Profits
Brent crude dropped below $110 per barrel as traders weighed fresh diplomatic efforts to prevent a restart of US military strikes on Iran, tempering the immediate supply disruption fears. Despite the price pullback, energy majors like Shell reported near-doubled quarterly profits, benefiting from the sustained high-price environment and refining margins. The market is currently pricing in a potential de-escalation, which could further pressure oil prices if confirmed.