Oil Prices Plummet Then Rebound on US-Iran Talks and Ship Attack
International oil prices plummeted on news of talks between the United States and Iran, but rebounded after reports emerged that a cargo ship was attacked in the Strait of Hormuz.
The US-Iran talks were held at the UN headquarters in New York, with the US side represented by Steve Witkoff, White House special envoy for the Middle East, and Jared Kushner, former White House senior adviser and son-in-law of President Donald Trump.
However, the oil price decline was short-lived as reports emerged that a vessel in the Strait of Hormuz had been struck by an unidentified projectile. The UKMTO reported two casualties and the ship was left adrift.
The incident has added to the volatility of international oil prices, which are expected to remain uncertain until a resolution is reached between the US and Iran.