Brent oil drops to the level of 110 dollars

The barrel price of Brent oil in international futures markets fell to 110.22 dollars, driven by diplomatic efforts for the resumption of negotiations between the US and Iran and easing supply concerns.

The barrel of Brent oil is trading at 110.22 dollars in international futures markets. Rising up to 112.61 dollars yesterday, January-term Brent oil's barrel price had completed the day at 111.64 dollars. As of 09.30 today, prices fell by approximately 1.3 percent compared to the close, down to 110.22 dollars. At the same minutes, the December-term barrel price of West Texas Intermediate (WTI) crude oil stood at 101.38 dollars.

The drop in prices was influenced by diplomatic efforts towards the resumption of negotiations between the US and Iran, which eased concerns regarding regional oil supply. According to Axios, citing US and Israeli officials, while mediators led by Qatar are trying to secure an agreement to bring Washington and Tehran back to the negotiating table, Iranian Foreign Minister Abbas Araghchi stated that they will continue to give diplomacy a chance. On the other hand, US President Donald Trump denied the claim that he tasked Vice President JD Vance with restarting negotiations with Iran. Meanwhile, the US Energy Information Administration (EIA) announced that commercial crude oil inventories in the country decreased by approximately 1 million 900 thousand barrels last week, dropping to 410 million 600 thousand barrels.