Another fall for crude oil prices

Another day, another drop in crude oil prices as progress is reported in the U.S.-Iran peace talks. Prices fell at least 1% as progress was reported in the U.S.-Iran peace talks. But Secretary of State Marco Rubio is promising to still be vigilant with Iran.

Brent crude futures finished down 82 cents or 1.1% at $77.08 per barrel.

West Texas Intermediate crude fell 65 cents or 0.9% and closed at $73.21 a barrel on the New York Mercantile Exchange.

Both benchmarks were at near four-month lows during the trading session. Overall, prices dropped 3% on Monday after the U.S. granted Iran a 60-day sanctions waiver following the peace talks. A lull in the fighting in Lebanon was also reported.

Nearly 100 oil tankers remain in the Strait of Hormuz even as Oman and Iran agreed to press on with discussions about the future administration of navigation. Secretary of State Rubio vowed Iran will not be able to charge tolls in the waterway as part of any final peace deal with the U.S.

One thing affecting a slow movement of oil tankers out of the Strait is the cost of hiring a tanker in the Gulf. It has doubled in a week reaching levels that would have seemed absurd before the start of the war. There still aren’t enough ships. At the same time, roughly 100 tankers are still trapped inside the Gulf carrying cargoes loaded during the conflict.

Natural gas prices also took a downward turn on Tuesday, falling $0.098 or 3.01% at $3.155 MMBtu.

Oklahoma energy stocks made a turn-around on Tuesday with most recording gains for the day. Most were moderate at 1% or less while two firms suffered losses—Stardust Power and USA Rare Earth each had 5% tumbles in the value of their shares.