𝗢𝗶𝗹 𝗣𝗿𝗶𝗰𝗲𝘀 𝗗𝗲𝗰𝗹𝗶𝗻𝗲 𝗔𝗳𝘁𝗲𝗿 𝗨𝗦-𝗜𝗿𝗮𝗻 𝗧𝗮𝗹𝗸𝘀 𝗜𝗻 𝗦𝘄𝗶𝘁𝘇𝗲𝗿𝗹𝗮𝗻𝗱
Oil prices fell on Monday following the conclusion of US-Iran talks in Switzerland. Tehran stated it secured waivers for oil and petrochemical exports.
Key market data: • Brent crude futures dropped $1.53 or 1.90 percent to $79.04 per barrel. • Brent prices previously reached $82.30 during early trading. • US West Texas Intermediate (WTI) crude traded at $76.53 per barrel. • The August WTI contract fell 55 cents to $75.30 per barrel.
Details on negotiations: • US and Iranian officials met in Switzerland to discuss energy supply and regional stability. • Both sides agreed to form a high-level committee. • The discussions followed a memorandum to extend a ceasefire for 60 days. • Iranian Foreign Minister Abbas Araqchi reported significant concessions during talks.
Supply and regional factors: • Iran reported 25 million barrels of oil passed through the virtual blockade line since Monday. • The United Arab Emirates, Kuwait, and Iraq offered additional oil volumes to customers. • Iraq plans to restore crude production to between 4.2 million and 4.3 million barrels per day. • Shipping data showed a drop in vessel movement through the Strait of Hormuz on Sunday. • Israel and Hezbollah continue regional conflicts despite recent ceasefire efforts.
Source: The Times of India