Commodities
Home›Commodities›Energy›Crude falls more than 5% as US-Iran talks optimism eas…
Crude falls more than 5% as US-Iran talks optimism eases supply fears
Brent slid to an intraday low of $80.67 a barrel, about 20% below its prior week peak, while WTI dropped to $77.83.
Crude oil prices extended their decline on Tuesday, with markets falling more than 5% as optimism around potential US-Iran diplomacy reduced concerns about disruptions to regional supply, according to LiveMint Markets.
Brent crude dropped $5 per barrel, or 5.7%, to an intraday low of $80.67, while US WTI crude fell $4, or 5.0%, to $77.83. The move followed a cooldown in oil prices after the US decision to pause military strikes on Iran over the weekend.
LiveMint Markets reported that the latest optimism is tied to renewed diplomatic engagement involving regional players. Iranian Foreign Minister Abbas Araghchi reportedly discussed security of the Strait of Hormuz during phone calls with his Saudi and Omani counterparts, and Oman has presented a Gulf-backed proposal to manage the waterway, including a mechanism for voluntary transit fees.
According to LiveMint Markets, Tehran has not yet responded to the proposal, and the plan is aimed at reducing disruptions to trade through the Strait of Hormuz that have been linked to the US-Iran conflict. The outlet also noted President Donald Trump said “good talks” were underway with Tehran but warned that military action could resume if negotiations fail.
Latest closeWTI crude $81.92 ▼8.3%|Brent $87.83 ▼9.2%