Global oil prices rose after falling to a six-week low amid uncertainty over the prospects of a peace deal that would end the war in Iran. This is reported by Bloomberg, according to UNN.
Details
It is noted that Brent crude oil showed a sharp increase. A barrel is currently trading above the $93 mark after the market closed on Friday at its lowest level since mid-April.
The US and Iran exchanged messages over the weekend, demanding changes to a draft agreement that would extend the ceasefire and open the Strait of Hormuz, but it was unclear whether the parties had made significant progress
It is indicated that previous optimism regarding a possible deal caused the first monthly drop in oil prices this year. At the same time, Brent remains more than a quarter higher than its level at the start of the war in late February.
Neither Iran nor the US is capitulating or compromising on their red lines for a deal
According to his forecasts, oil prices are likely to continue moving in a "cycle of statements," fluctuating between optimism and caution as "new headlines emerge."
Recall
On May 28, global oil prices rose by 3% after an Iranian strike on a US airbase. The escalation occurred against the backdrop of a six-week reduction in crude oil inventories in the United States.
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