Oil prices fall amid hopes of US-Iran deal
Oil prices fall amid hopes of US-Iran deal Oil prices plunged after Qatar said US-Iran negotiations had resumed, and the US treasury secretary suggested a deal could happen "today or tomorrow". These announcements eased concerns over crude supply disruptions that had sent prices soaring in recent months. The main US oil contract, West Texas Intermediate, dropped five percent to $76.32 a barrel,…
Oil prices have fallen amid hopes of a deal between the US and Iran. According to the US Treasury Secretary, a deal could happen "today or tomorrow". The main US oil contract, West Texas Intermediate, dropped to $76.32 a barrel, a five percent decrease, while the international benchmark Brent North Sea crude fell back below $80 a barrel.
The talks are focused on reopening the Strait of Hormuz waterway, a key passage for oil shipments. Iran has denied that it is in active discussions with the US, saying its only active talks are with Oman. US President Donald Trump said Washington was restarting talks with Tehran, but later criticized Iran for being "duplicitous".
The price drop has been significant, with Brent crude falling to $79.69 a barrel, according to The National UAE, and West Texas Intermediate retreating to $76.04 per barrel. Both contracts have dropped to their lowest levels since July 13.
Brief written by urgent.news from Middle East Eye, The National UAE, MyJoyOnline Ghana, BBC World, BBC News — 5 reports on this story. Machine-written — it may contain errors, so check the original before relying on it.
