Iran Minister Arrives in Pakistan, Oil Prices Slip
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- Abbas Araghchi will arrive in Islamabad tonight for peace talks, sparking expectations of U.S. involvement.
- Brent crude fell 0.42% to $104.63 per barrel.
- West Texas Intermediate dropped 1.15% to $94.75.
- Israel agreed to extend the truce with Lebanon by three weeks after a White House meeting, giving diplomats more time.
- Commonwealth Bank of Australia warned that a prolonged Hormuz Strait closure raises economic costs and expects the U.S. to back down first.
- Fatih Birol said the world lost 13 million barrels per day of oil, calling it the biggest energy security threat in history.
Why it matters: Oil exporters lose revenue as Brent drops 0.42% to $104.63 per barrel, while shipping firms risk continued delays; the Hormuz closure still throttles 20 million barrels daily, pressuring global inflation.
