Institution: Repeated agreements keep the oil market tense

Price Futures Group's Phil Flynn stated in a report: "These repeated developments are keeping the market on edge." He pointed out, "Geopolitical risks remain the main driving factor, but as traders take profits, any sign of easing in the situation will trigger rapid selling pressure." Flynn added that even if an agreement framework is reached that could potentially reopen the Strait of Hormuz, "analysts warn that due to obstacles related to logistics, demining, and inspection, it may take several months for supply to fully return to normal." West Texas Intermediate crude fell by 3.1% to $93.04; Brent crude fell by 2.8% to $95.08.