Oil prices fell amid news of resumed talks between the US and Iran
On September 29, global oil prices significantly decreased. By the end of the day, Brent crude oil futures for December delivery were trading at around $96.5 per barrel. At one point, the price of Brent fell below $96 — for the first time since September 7, writes Office Life.
Illustrative image. Photo: vecteezy.com
Brent fell by approximately 1.5% in 24 hours. And since September 26, its price has dropped by more than $8 — from a level above $104 per barrel.
US WTI crude oil was trading at just over $91 per barrel by the end of the day, which is about $4.5 less than the previous day. The minimum price during the day was about $90.4.
According to experts, the price decrease is due to new reports about the possibility of negotiations between the US and Iran. Iran has stated its readiness to suspend uranium enrichment if agreements are reached with Washington. In addition, US President Donald Trump has allowed for the possibility of partially lifting sanctions on Tehran if the talks are successful.
Prices were also affected by the resumption of operations at the East-West oil pipeline in Saudi Arabia. It bypasses the Strait of Hormuz and recently suffered damage as a result of drone attacks.