Oil dips 5.89% on Iran talks
Oil prices dropped sharply by 5.89% for Brent crude to $91.08 per barrel, and by 5.73% for West Texas Intermediate to $84.19, following the suspension of American strikes on Iran for two consecutive nights. This development fuels hopes for reaching a diplomatic agreement between Washington and Tehran. Officials’ statements confirm that negotiations are ongoing and that the U.S. president is giving them some room, despite statements threatening to resume escalation if the parties do not reach a deal. This decline comes amid market optimism about resuming navigation through the Strait of Hormuz and the possibility of an agreement, while the blockade imposed by the Houthis in the Red Sea and Gulf of Aden continues to threaten oil shipping movements.
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