Oil plummets (-6.7%), Khamenei ok to negotiate with the USA
Quick Look
The price of WTI and Brent oil recorded a drop of 6.7% following Iranian President Pezeshkian's declarations on the desire to resolve tensions with the United States through dialogue, supported by powers granted by the Supreme Leader.
AI-generated summary
Why It Matters
The conflict between the United States and Iran has affected global energy markets. The Iranian government now seeks a diplomatic resolution through powers delegated by the Supreme Leader.
The price of oil falls on hopes that diplomacy can regain the spotlight in the conflict between the United States and Iran. The WTI lost up to 6.7% to 97.1 dollars a barrel while Brent reached a low of 105.86 dollars, still down 6.7%.
The decline in crude oil accelerated after the Iranian president, Masoud Pezeshkian, as reported by the state agency IRNA, announced that the government is trying to resolve the situation through dialogue and that it has received certain powers from the Supreme Leader, Mojtaba Khamenei, to do so, Bloomberg reports.
Open Questions
- What are the specific terms of the negotiation?
- How will the US administration react?
