The price of Brent crude oil has fallen below 90 dollars per barrel for the first time since August, amid growing hopes of an end to the war between the United States and Iran. Brent, the international oil benchmark, dropped by 3.1 per cent to 89 dollars and 66 cents per barrel on Tuesday, extending […]
The price of Brent crude oil has fallen below 90 dollars per barrel for the first time since August, amid growing hopes of an end to the war between the United States and Iran.
Brent, the international oil benchmark, dropped by 3.1 per cent to 89 dollars and 66 cents per barrel on Tuesday, extending declines recorded in recent trading sessions.
The United States benchmark, West Texas Intermediate, also fell by 2.3 per cent to 84 dollars and 86 cents per barrel.
The decline follows comments by US President Donald Trump, who said on Monday that there was positive momentum towards ending the conflict, describing Iran as militarily effectively defeated, while leaving open the possibility of further US strikes.
Iran, however, has urged Washington to accept its conditions for ending the war and reopening the Strait of Hormuz, a key global oil shipping route that Tehran has blockaded since the conflict began.
Iranian Foreign Minister Abbas Araghchi said the conflict could not be resolved through military action or increased sanctions, calling instead for diplomacy and respect for Iran’s demands.
Tehran has proposed reopening the Strait of Hormuz within two days in exchange for the United States meeting several conditions. These include ending the war on all fronts, unfreezing Iranian assets, lifting oil sanctions and ending the US counter-blockade of Iranian ports.
Trump said there was positive momentum towards a resolution after meeting Qatar’s Prime Minister at the White House. He also stated that further military strikes against Iran were unlikely, although he maintained that the United States remained prepared to act if necessary.
Diplomatic efforts led by Qatar and Pakistan are ongoing to find a resolution to the conflict, which began in late February following US and Israeli strikes that killed Iran’s Supreme Leader, Ayatollah Ali Khamenei.
Meanwhile, Iran’s security chief, Mohsen Rezaei, has urged Washington to accept Tehran’s demands, insisting that the conflict cannot be resolved through what he described as manufactured reports of negotiations.
The developments have raised expectations of reduced disruption to global oil supplies, contributing to the recent fall in crude prices.
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