Brent Oil Price Holds Its Current Value

The price of a barrel of Brent oil is being traded at $77.87 in international markets. After reaching $80.59 yesterday, the price ended the day at $78.02. As of 09:30 today, the price of a barrel of Brent oil has decreased by approximately 0.2% compared to the closing price, to $77.87. At the same time, the price of a barrel of West Texas Intermediate (WTI) crude oil was traded at $73.28.Following the announcement by US President Donald Trump that negotiations with Iran have ended, the price of a barrel of Brent oil rose by 8.7% to $80.59, but then partially retreated due to profit realization after the strong rise. Trump stated that the possibility of a new agreement with Iran is rejected, saying, 'For me, this issue is closed. I no longer want to make a deal with them.'Meanwhile, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) has canceled the general license that allowed the sale of Iranian oil after the attacks on oil tankers in the Strait of Hormuz. OFAC announced that a transition period until July 17 will be granted for the completion of transactions under the license. The expansion of the US administration's military operations against Iran has also increased supply concerns, supporting prices.