[International Oil Prices] Slight Gains Continue... Brent Crude Nears $95

[Financial News]  

Global oil prices extended modest gains on the 21st local time.
The market remained cautious after Iran urged the United States to bring the war to an early end.
Brent Crude Oil for October delivery, the global benchmark, settled at $94.39 per barrel, up $0.61, or 0.65%, from the previous session.
West Texas Intermediate crude oil (WTI) for October delivery, the U.S. benchmark, closed at $87.06 per barrel, up $0.23, or 0.26%. The front-month WTI contract rolled over to October delivery the previous day.
Both benchmarks rose more than 5% on a weekly basis.
Iranian President Masoud Pezeshkian stressed that ending the war quickly would also be better for Iran.
According to Iran's Press TV, Pezeshkian described the ceasefire memorandum of understanding (MOU) with the United States as a victory for Iran and called for the war to stop immediately. He said, "It is better for Iran to end the war today, with strength and dignity."
The United States and Iran signed the MOU for a ceasefire on June 17. Under the agreement, Iran was to open the Strait of Hormuz and begin nuclear talks.
However, the Islamic Revolutionary Guard Corps (IRGC), which opposed the MOU, began attacking merchant ships in the Strait of Hormuz in early last month. In response, the United States resumed airstrikes on Iran, effectively reducing the MOU to a dead letter.

[email protected] Song Kyung-jae Reporter