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Oil falls on expectations US-Iran talks likely to proceed, opening supply
Brent fell 1% as traders bet this week’s U.S.-Iran talks could extend a ceasefire and restore more oil flow through the Strait of Hormuz.
- Oil prices fell on Tuesday, reversing Monday's surge, as markets anticipate US-Iran peace talks could reopen the Strait of Hormuz. Brent futures declined 95 cents to $94.53, while WTI for The May fell $1.54 to $88.07.
- After Iran closed the Strait of Hormuz, a key shipping artery, and the US-Iran blockade seized an Iranian cargo ship, prices surged Monday. Kuwait declared force majeure on Oil shipments due to the blockade.
- If disruptions persist for another month, Citi analysts warn that total losses could reach about 1.3 billion barrels, with prices likely near $110 a barrel. Societe Generale noted Oil demand has already dropped by about 3 percent.
- Iran is weighing participation in peace talks in Pakistan, though Iranian Foreign Minister Abbas Araqchi said "continued violations of the ceasefire" by the US-Iran parties hinder negotiations. The current two-week ceasefire expires this week.
- Markets are underpricing the ongoing supply shock, ING analysts believe, noting "optimism appears to be clouding the reality." Separately, Parliament Mohammad Baqer Qalibaf reiterated that Tehran would not negotiate under threats.
15 Articles
15 Articles
Oil prices fell on Tuesday, reversing the previous day's big gains. Tuesday's losses were driven by expectations that peace talks between the United States and Iran will take place this week, allowing for higher oil supplies from a key Middle East region.
Oil falls on expectations US-Iran talks likely to proceed
Oil prices fell over $1 today, reversing gains in the previous session, on expectations peace talks between the US and Iran will take place this week and lead to more supply to flow from the key Middle East producing region.
Oil Prices: Oil prices today: Crude falls as upcoming US-Iran talks offsets supply disruption fears - The Times of India
International Business News: Oil prices declined on Tuesday, reversing sharp gains from the previous session, as expectations of imminent US-Iran peace talks eased concerns over p.
Oil prices fell on April 21 amid expectations that peace talks between the United States and Iran will still take place this week and could pave the way for increased supplies from the key Middle East producing region.
Channel News Asia
Oil falls on expectations US-Iran talks likely to proceed, opening supply
April 21 : Oil prices fell on Tuesday, reversing gains in the previous session, on expectations peace talks between the U.S. and Iran will take place this week and allow more supply to flow from the key Middle East producing region. Brent futures declined 95 cents, or 1 per cent, at $94.53, as of 0003 GMT. U.
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