Oil prices drop nearly 6% amid US-Iran negotiations over the Strait of Hormuz
Kyiv • UNN
The price of WTI crude fell to $91 amid talks to open the Strait of Hormuz. Despite the diplomacy, new explosions and strikes have been recorded in the region.
Global oil prices continued to fall amid signs of progress in negotiations between the US and Iran regarding the extension of a ceasefire and the possible reopening of the Strait of Hormuz. This was reported by Bloomberg, according to UNN.
Details
The price of American West Texas Intermediate (WTI) crude held at around $91 per barrel on Tuesday, while Brent closed near $96. According to the agency, July WTI futures in Singapore traded at $91.18 per barrel, nearly 6% lower than on Friday.
US President Donald Trump stated that negotiations are "moving along well," but threatened new strikes should the agreements fail.
The Strait of Hormuz remains effectively blocked
Despite diplomatic progress, signs of hostilities in the region persist. According to Iranian media, explosions were heard near the Strait of Hormuz close to the cities of Sirik and Jask. There are also reports of American and Israeli airstrikes on Iranian vessels near Larak Island.