Oil prices start to fall after Trump says Iran war is near - Reuters
Global oil prices fell amid expectations that Iran would resume negotiations with the United States and Israel to resolve the conflict that led to the blockade of the Strait of Hormuz.
This was reported by Censor.NET, citing Reuters.
Price trends
According to the publication, Brent crude oil futures settled at $94.79 per barrel, down $4.57 (4.6%) from the previous day. Meanwhile, U.S. West Texas Intermediate crude closed at $91.20, down $7.80 (7.87%).
At the same time, during the previous session, both benchmark grades posted gains: Brent rose by more than 4%, and WTI by nearly 3% following the U.S. military’s blockade of Iranian ports.
"It seems the market is hopeful for a better outcome. This means the market has already factored in many of the changes we've seen," said John Kilduff, a partner at Again Capital.
According to analysts, Brent prices are more sensitive to global supply disruptions than WTI prices.
"The resumption of flows through the Strait of Hormuz remains the most critical factor in easing pressure on energy supplies, prices, and the global economy," the IEA said in a statement.
What happened before?
As reported, the media reported yesterday that Trump announced the end of the war in Iran.
