Oil Prices Plummet on US-Iran Tensions Easing
Oil prices have plummeted, dragging down energy stocks worldwide. Brent crude is trading at $90.83 per barrel, down 6.17%, while WTI has fallen to $84.16 per barrel, a 5.77% drop.
The slump in oil prices has hit the performance of major energy companies. Eni shares have taken a significant hit on the Milan Stock Exchange, falling by more than four points. Tenaris is also down, dropping by over one and a half points.
However, Saipem has managed to stem the decline after securing two contracts worth around 800 million euros in Italy and the Ivory Coast.
The US-Iran tensions that had been weighing on energy markets have eased slightly. US President Donald Trump suspended plans for military action against Iran over the weekend, citing a desire to 'make way for diplomacy'. Tehran has also indicated its willingness to resume negotiations with mediators from Pakistan and Qatar.