Oil Prices Fall Back Sharply on Renewed Iran War Ceasefire Hopes
Benchmark Brent fell 8% to $87.55 a barrel as a three-day pause in attacks eased fears over supply disruptions.
- Brent oil prices dropped 8% below $90 a barrel as a three-day pause in fighting between Iran and American forces boosted hopes of rekindling a peace deal and reopening the vital Strait of Hormuz.
- Escalating attacks between Iran and American forces triggered recent volatility, with prices touching $100 last week before the interim peace deal collapsed in April, causing oil costs to spike higher once more.
- Bryn Jones, head of fixed income at Rathbones Asset Management, warned that Iran-backed Houthi forces allegedly launched attacks near Jizan and Yanbu, with the Red Sea and Strait of Hormuz creating global inflation pressure.
- Russ Mould, investment director at Bell, stated that Bank policymakers may gain breathing space if oil prices remain lower and reduce inflation worries, with the Bank expected to hold rates at 3.75% on Thursday.
- Analysts expect oil to retreat toward $70 a barrel, where prices rested before initial American and Israeli strikes in late February, positioning continued resolution efforts as essential for stabilizing energy markets.
36 Articles
36 Articles
Crude oil prices extend losses on US-Iran peace talks; Brent below $90 per barrel
US-Iran war: West Texas Intermediate (WTI) crude slipped below $82 a barrel after plunging more than 7% on Monday, while Brent crude recorded its biggest one-day decline in over three months, settling near $88 a barrel.
Oil prices fall 8.7 percent as Brent settles at $88.36 per barrel
New York: Oil prices closed at their lowest levels in more than a week on Monday.Brent crude futures fell by US$8.42, or 8.7 percent, to settle at US$88.36 per barrel, while US West Texas Intermediate crude dropped by US$6.70, or 7.5 percent, to US$82.61 per barrel.
The price of oil plummeted in the face of optimism about negotiations between the United States and Iran. See how they closed the quotes per barrel.
After US President Trump indicates a de-escalation in Iran's conflict, the oil price falls significantly. Nevertheless, the stock exchanges in New York are showing behaviour. This is due to the upcoming quarterly reports of the tech giants and a possible rate hike.
Future interest closed this Monday (27) in a sharp fall on a day of geopolitical-related risk awards, after the United States and Iran agreed to a new cease-fire and paved the way for a diplomatic exit from the war in the Middle East. With this, oil prices plummeted by around 8% and returned to operating below the US$90 per barrel mark, which also helps alleviate the inflationary and monetary policy outlook of investors.
Oil fell to its lowest levels in a week as the cessation of US attacks on Iran revived hopes for a de-escalation of the crisis.
Coverage Details
Bias Distribution
- 61% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
