Oil prices fell after US-Iran talks: how world markets reacted

The price of Brent crude oil fell on Monday, June 22, after the conclusion of talks between the United States and Iran in Switzerland, during which Tehran said it had received an exemption for exporting oil and petrochemical products.

Reuters reports this.

This eased fears in global markets about a possible supply shortage.

Brent crude was down $1.19, or 1.48%, at $79.38 a barrel by 04:16 GMT. At the start of trading, prices were rising to $82.30 a barrel amid a failed start to talks, US President Donald Trump’s threats to resume war against Iran and Tehran’s statements about the possible re-closure of the Strait of Hormuz.

U.S. West Texas Intermediate crude futures were at $76 a barrel, down 60 cents. The more active August contract fell 69 cents to $75.16 a barrel before the contract expired later on Monday. The U.S. market was closed for a holiday on Friday.

“The decline was driven mainly by improving prospects for a diplomatic breakthrough between the United States and Iran…revived hopes that sanctions on Iran may eventually be eased,” said Sugandha Sachdeva, founder of New Delhi-based research firm SS WealthStreet.

According to her, such events could return about 1.5 million barrels of Iranian crude oil per day to the market, which would significantly improve global supply amid moderate demand growth.

Earlier , “Pryamy” reported that the talks between the US and Iran in Switzerland were under threat after US President Donald Trump’s harsh statements against Tehran. The Iranian delegation left the meeting, and the further fate of the negotiation process remains unknown at this time.

Iran also restricted the passage of ships through the Strait of Hormuz , despite signing an agreement with the United States. At the same time, the United States, according to journalists, gave Iran assurances that Israel would not intensify attacks in Lebanon.

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