Oil Prices Drop to Two-Week Lows as US-Iran Peace Talks Show Progress
मुख्य बातें
- •Oil prices have dropped to two-week lows as US-Iran peace talks show progress, with Brent crude futures falling by $4.71, or 4.55%, to $98.83 a barrel, and US West Texas Intermediate crude declining by $4.57, or 4.73%, to $92.03 a barrel.
- •The US-Iran peace talks have been ongoing, with significant progress being made despite major disagreements over key issues, including restrictions on the Strait of Hormuz.
- •The Strait of Hormuz has been effectively blockaded by Iran since early March, with ships required to obtain clearance before passing through the route or risk being targeted.
- •Analysts caution that even if a deal is reached, it could take several months for oil shipments through the strait to fully normalize and for damaged energy infrastructure to be repaired.
- •The oil market is in "a race against time," according to Morgan Stanley, which has cautioned that the factors preventing crude prices from rising further may weaken if the Strait of Hormuz remains shut through June.
Oil prices have dropped to their lowest levels in two weeks, with Brent crude futures falling by $4.71, or 4.55%, to $98.83 a barrel, and US West Texas Intermediate crude declining by $4.57, or 4.73%, to $92.03 a barrel. This decline comes as hopes for a US-Iran peace deal have emerged, with US President Donald Trump stating that Washington and Tehran have "largely negotiated" a memorandum of understanding on a peace deal. The potential reopening of the Strait of Hormuz, a vital route that handles nearly one-fifth of global oil and liquefied natural gas shipments, has contributed to the decrease in oil prices.
