International Oil Prices Plunge on Hopes for Hormuz Reopening...WTI Nears $90
International oil prices plunged by around 7% on hopes for progress in negotiations between the United States and Iran. This drop is interpreted as being influenced by expectations that the Strait of Hormuz, which had effectively been under blockade, could reopen.
On May 25 (local time) at the ICE Futures Exchange, July delivery Brent crude futures closed at $96.14 per barrel, down 7.15% from the previous trading day. July delivery West Texas Intermediate (WTI) crude futures also ended at $90.31 per barrel on the New York Mercantile Exchange, down 6.51%.
The decline in oil prices was attributed to reports that negotiations between the United States and Iran are making progress. It is known that the two countries are close to signing a memorandum of understanding (MOU) to extend the ceasefire period by 60 days and seek a final agreement during that time.
Mohammad Bagher Ghalibaf, Speaker of the Iranian Parliament and head of Iran’s negotiating team, and Abbas Araghchi, Foreign Minister, visited Doha, Qatar on this day to meet with the Qatari Prime Minister. It is reported that the talks covered the issue of the Strait of Hormuz and highly enriched uranium.
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U.S. President Donald Trump also hinted at progress in the negotiations. He said on the social networking service Truth Social that talks with Iran are proceeding smoothly. However, he warned that if an agreement falls through again, the intensity of attacks on Iran will become stronger.
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