Global oil prices fell following news of diplomatic talks between the US and Iran in Oman. Brent crude dropped to $67, WTI to $63 per barrel, and India refused to import Russian crude oil.
Global oil prices fell after news of the start of diplomatic talks between the US and Iran in Oman. The reduced likelihood of military conflict in the region eased traders' fears of supply disruptions, leading to a drop in fuel prices. This is reported by Bloomberg, writes UNN.
Details
The price of Brent crude oil fell to $67 per barrel, and West Texas Intermediate (WTI) is trading at $63. Tehran called the meeting in Muscat "a step forward" in resolving the nuclear issue, which the market perceived as a signal for de-escalation.
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Despite the concentration of American troops in the region, Donald Trump announced another round of talks this week. At the same time, Washington continues to prepare a tariff package for countries cooperating with Iran, in parallel with coordinating actions with Israel.
Trade agreements and the India factor
News about the reorientation of the Indian market also influenced price dynamics. According to Trump, New Delhi agreed to abandon imports of Russian crude oil as part of a new trade agreement.
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Although the Indian side officially emphasizes the priority of its own energy security, traders are already factoring in a possible reduction in flows from Russia. The combination of diplomatic successes in the Middle East and changes in logistics routes in Asia creates prerequisites for further market stabilization.
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