UNITED STATES – The United States and Iran are apparently engaged in rigorous indirect conversations, with Qatar and Pakistan serving as intermediaries to alleviate Middle Eastern tensions. Iran has hinted that if certain conditions are met, it may reopen the Strait of Hormuz, bolstering optimism for the restoration of petroleum supplies through one of the world’s most critical oil transit routes. Oil prices fell more than 6% on Monday due to optimism surrounding the conversations, despite the fact that no final deal has been reached. A prospective reopening might relieve pressure on global petroleum supplies and tanker logistics, while also altering refinery operating costs, conventional base oil pricing and the competitiveness of re-refined base oil (RRBO).
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(Source: ABC News)