Oil drops as US-Iran ceasefire hopes
Oil prices experienced a slight decline amid the market's assessment of mixed factors, including the possibility of a ceasefire between the United States and Iran, as well as the Houthis escalating their attacks on Saudi Arabia. Brent crude fell by 0.69% to reach $105.85 per barrel, while West Texas Intermediate declined by 0.86% to $93.80 per barrel. This comes after a week of sharp fluctuations, during which oil prices saw significant increases last Thursday, amid US-Iran negotiations in New York aimed at ending the war. The talks included discussions on reopening the Hormuz Strait and lifting Iran's economic sanctions. Concurrently, Saudi Arabia intercepted six Houthi ballistic missiles and increased oil flow through the East-West pipeline, although tanker loading operations have not yet resumed.
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