Oil prices fall below $100 amid diplomatic expectations
Expectations regarding diplomatic processes and potential contacts in the markets have been influential in the recent decline in the barrel price of crude oil.
In global markets, oil prices have lost about eight percent of their value over the past four days, falling below the one-hundred-dollar level and beginning to find buyers at ninety-nine dollars.
Four-Day Decline in Prices
Brent type crude oil prices continued to lose value on the new trading day following a succession of downward trends, slipping below the one-hundred-dollar threshold.
Expectation of US-Iran Talks
Market participants are closely monitoring developments regarding potential US-Iran contacts that could come to the agenda within the framework of the United Nations General Assembly.
Effects of the Diplomatic Process
Experts state that investors are eliminating certain risks and taking short positions as the diplomatic process continues.
News flow indicating that Iran has conveyed its conditions to intermediaries in order to return to negotiations is also being followed by the market.
Security Tensions in the Middle East
While activity in the region continues, statements from the Houthis in Yemen regarding attacks on Saudi Aramco facilities and Riyadh keep tensions alive.
Supply and Logistics
Due to security risks, some shipments have been halted, while exports continue to be supported via the Strait of Hormuz.