Oil prices decline on diplomatic contacts and hopes for peace
Expectations that conflicts in the Middle East could end and diplomatic talks held in Tehran have eased supply concerns, leading to a drop in oil prices.
Hopes that conflicts between the US, Israel, and Iran could end, along with diplomatic contacts in Tehran by Saudi Arabia, Turkey, and Pakistan, eased supply concerns and led to a decline in oil prices on Tuesday.
Brent crude futures fell 66 cents, or 0.57 percent, to $115.15 per barrel as of 03:00 TSI, while US West Texas Intermediate (WTI) crude traded at $101.32, a loss of 0.43 percent. Officials from Saudi Arabia, Turkey, and Pakistan met with Iranian officials in Tehran on Monday to reduce tensions in the Middle East. According to Iranian state media, the four countries agreed to continue talks to strengthen cooperation in the areas of peace and security. However, the intensification of attacks by Iran-linked Houthis on Saudi Arabia has left the prospect of peace fragile, limiting the decline in prices.
Sources
- bloomberght.com · Link