Eco
Global oil prices declined at the start of trading today, Monday, according to trading data, following the emergence of initial and non-final features of a potential agreement to end the escalation between the United States and Iran.
By 01:11 Moscow time, Brent crude futures for August delivery fell below the level of $100 per barrel by 2.03% compared to the previous close on Friday, reaching $98.18 per barrel.
US West Texas Intermediate crude futures for July delivery also dropped by 5.26%, registering $91.52 per barrel.
This decline comes as markets closely watch the course of the US-Iranian talks, amid the appearance of initial and non-final outlines of a potential deal.
US President Donald Trump had indicated that the talks are proceeding constructively, but he instructed negotiators not to rush into concluding the deal, considering that the time factor is in Washington's favor.
Trump announced on Saturday that an agreement with Iran regarding opening the Strait of Hormuz and other issues is "nearly done," expecting it to be announced soon. However, Trump has previously spoken repeatedly about an approaching settlement with Tehran before tensions re-escalated and pushed oil prices upward.
The conflict led to a near-total closure of the Strait of Hormuz, through which about one-fifth of global oil supplies passed before the war, raising fears of supply disruptions.
