Oil Falls Over 4% on Iran-US Talks
Oil prices fell by more than 4%, reaching their lowest levels in three weeks, amid growing optimism about the possibility of reaching a diplomatic agreement between Washington and Tehran regarding the reopening of the Strait of Hormuz. Such an agreement could enhance oil flows through this strategic passage. Brent crude dropped to approximately $80.66 per barrel, while West Texas Intermediate declined to $76.76 per barrel, following expectations of potential negotiations between the United States and Iran in the coming days. Despite ongoing disagreements concerning the Strait—which accounts for about one-fifth of global oil supplies—diplomatic sources and officials confirmed that talks are continuing, with efforts underway to reduce tensions and foster understanding to resume oil flows. Meanwhile, attacks on ships and threats to control the passage remain risks threatening the stability of the oil market.
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