Oil prices fell nearly 5% on Monday after the US announced new talks with Iran, according to a report from Insider Paper. The drop extends a period of volatility in global energy markets as Washington and Tehran pursue a diplomatic track.
Oil prices dropped nearly 5% on Monday morning after the United States announced new talks with Iran, according to a report from Insider Paper. The move marks the latest swing in a volatile period for global energy markets shaped by the US-Iran diplomatic track.
As The Zioneer has reported over the past two months, oil prices have seesawed repeatedly on news of negotiations, sanctions adjustments, and maritime tensions in the Persian Gulf. Earlier bulletins tracked drops of 5% on speculation of sanctions easing (June 16) and on hopes of a peace deal (June 9), as well as spikes of 5% on talk jitters (June 17) and on Trump's remarks regarding an MOU with Iran (July 8).
Details of the new talks announced by the US have not yet been released. The drop in crude prices suggests markets are pricing in a reduced risk of supply disruption from the Persian Gulf.
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