Global oil prices fell by nearly five per cent in early Monday trading after United States President Donald Trump announced fresh negotiations with Iran aimed at ending the Middle East conflict and reopening the Strait of Hormuz. Brent crude, the international benchmark, dropped 4.69 per cent to 83.81 dollars per barrel, while West Texas Intermediate […]
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Global oil prices fell by nearly five per cent in early Monday trading after United States President Donald Trump announced fresh negotiations with Iran aimed at ending the Middle East conflict and reopening the Strait of Hormuz.
Brent crude, the international benchmark, dropped 4.69 per cent to 83.81 dollars per barrel, while West Texas Intermediate declined 4.67 per cent to 80.72 dollars per barrel.
The conflict, which began in late February following attacks on Iran by the United States and Israel, has disrupted global energy markets and led to the closure of the Strait of Hormuz, a key route for international oil and gas supplies.
President Trump said fresh negotiations with Iran would begin on Monday after suspending planned large-scale military strikes in favour of a diplomatic solution.
He, however, did not disclose the location of the talks or identify those expected to participate.
Meanwhile, Iran said it was close to reaching an agreement with Oman on a new maritime route through the Strait of Hormuz following the suspension of the planned US military action.
The developments have raised hopes of easing tensions in the region and restoring the movement of global oil supplies, contributing to the sharp decline in crude oil prices.
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