China's Push to Revive US-Iran Talks Sends Crude Oil Prices Tumbling

Crude oil futures declined on Friday after reports surfaced that China was attempting to revive stalled peace talks between the US and Iran.

The news snapped a streak of five consecutive daily gains in crude oil prices, which had been rising due to various factors including global supply chain disruptions and increased demand from countries recovering from the COVID-19 pandemic.

According to reports, China initiated an exploratory discussion with US officials during a visit by Iranian Foreign Minister Hossein Amirabdollahian, who arrived in Beijing on July 22. The talks aim to revive the Joint Comprehensive Plan of Action (JCPOA), also known as the Iran nuclear deal.