Crude oil prices were set for a sharp decline this week despite ongoing hostilities in the Middle East, as traders pinned their hopes on President Trump’s statements suggesting the war would end soon. Brent crude was trading at $107.98 per barrel at the time of writing, and West Texas Intermediate was changing hands for $94.12 per barrel.
U.S. officials this week said the historic spike in fuel prices during the war in Iran will be short-term and trumpeted record U.S. production at an industry conference where oil executives and government officials from Asia, the Middle East and Europe bemoaned the worst oil and gas supply disruption in decades.
Curious Minds Corner
Which company took over Alaska’s Prudhoe Bay oil fields in 2019?
Hilcorp acquired Prudhoe Bay from BP, the massive London-based multinational oil and gas company.