World Oil Prices Plunge on Mideast Deal Hopes
West Texas Intermediate fell almost 3% to $85.13 a barrel as Trump said a peace deal with Iran could be signed as soon as this weekend.
- On Friday, June 12, oil slid to a two-month low after President Donald Trump claimed a peace deal with Iran could be signed as soon as this weekend in Europe.
- The United States launched strikes against Iran on June 11 after Trump accused the country of delaying interim peace negotiations.
- West Texas Intermediate tumbled almost 3 per cent at the open, while United States oil supplies have tumbled at a rapid rate over the past five weeks.
- Even if the two sides reach an agreement, multiple hurdles impede the resumption of normal oil flows, including the removal of mines in Hormuz and necessary energy infrastructure repairs.
- Iran has not yet approved any text for an agreement, according to Fars, and Trump has previously insisted a deal was within reach without materialization.
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Brent crude for August delivery fell 3.37% and WTI crude for July delivery lost 2.83%; for the week, the declines were 6.60% and 6.25%, respectively.
Oil prices have fallen to their lowest level in three months. However, oil prices have now dropped more than 30 percent since the peak of the conflict. Stock markets are reacting to reports from US President Donald Trump that an agreement with Iran could possibly be signed this weekend.
US President Donald Trump said the United States could sign a deal with Iran soon, and oil prices fell to their lowest level in three months.
Donald Trump suspends attacks on Iran and claims to have reached a "great deal" that will close "in the next few days." More information: Trump presumes to remove "million barrels" of crude from Ormuz but in May they crossed 30% fewer ships
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