Oil Prices Drop 2.5% as US-Iran Tensions Ease
Global oil prices fell sharply on Tuesday as tensions between the United States and Iran relaxed, raising hopes for continued energy exports from the region.
West Texas Intermediate (WTI) crude oil for September delivery dropped 2.28 percent, reaching $80.72 per barrel by 4:04 a.m. Eastern Time. Likewise, North Sea Brent crude for the same month declined 2.76 percent, trading at $85.92 per barrel.
US President Donald Trump announced that Washington is currently engaged in “friendly” talks with Iran and suggested that a peace agreement between the two sides is possible.
Meanwhile, Iranian officials emphasized that the US’s ongoing naval blockade is considered as “continuing the war,” a factor that continues to cast a shadow over the political and economic atmosphere of the region.
