Oil prices fell below $100 on expectations of a US-Iran deal

Global oil prices fell in early trading on Friday amid optimism about a possible end to the conflict in the Middle East and a resumption of supplies. This was reported by Reuters, writes UNN.

Details

Brent crude futures fell by $1.34 to $98.05 per barrel. American WTI lost $1.65 and traded at $93.40 per barrel.

Several factors influenced the market, including the entry into force of a 10-day ceasefire between Lebanon and Israel, as well as signals of possible negotiations between the US and Iran.

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US President Donald Trump said that the parties could meet as early as this weekend.

"We'll see what happens. But I think we're very close to making a deal with Iran."

Market after sharp rise

Oil prices rose sharply in March – by about 50%, reaching historical highs, after which they began to correct and fell below $100 per barrel.

At the same time, the market remains tense due to the situation in the Strait of Hormuz, which has been virtually blocked for seven weeks. According to analysts, this disrupted the supply of about 13 million barrels of oil per day.

Negotiations between the US and Iran are currently focused on the possibility of an interim agreement that would avoid a resumption of hostilities and partially stabilize energy markets.

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