Commodities
Oil Prices Slide 2% Amid Hopes for Diplomatic Breakthrough
Oil prices have dropped by 2% as markets assess the chances of success for diplomatic efforts to ease tensions between the US and Iran. The decline has left Brent crude above $101 per barrel, while WTI futures have also seen a 2% fall.
The risk premium in oil prices appears to be fading amid hopes that a diplomatic path can be found this week, according to Tim Waterer, Senior Market Analyst at KCM Trade. This comes after US President Donald Trump announced his openness to meeting with Iranian counterpart Masoud Pezeshkian in New York.
The markets have received positive signals following the announcement, with Tehran conveying its conditions to mediators for a return to negotiations aimed at ending the conflict with the US.