Oil Prices Plunge as Iran Sets Conditions for US Talks
WTI crude oil prices (USOIL) plunged 5.58% on Friday, falling below $100 to settle at $95.46 per barrel. The drop was attributed to increased diplomatic efforts and expectations of a partial restoration of Saudi oil pipelines.
Mohsen Rezaei, Secretary of Iran's Supreme National Security Council, revealed that his country has set seven negotiation conditions for the US via Qatar. While only three have been publicly disclosed - ending war on all fronts, releasing frozen Iranian funds, and ending the US naval blockade - the remaining four remain undisclosed.
If the US does not reject these conditions by Monday's open, oil prices may give back part of their geopolitical risk premium, similar to past instances where US-Iran negotiations made progress. However, Iran has warned that if its conditions are rejected, it is prepared for a 'decisive war.'