Oil futures price WTI falls 6% on Tuesday evening, below $93. per barrel. In turn, oil Brent costs $95. after a decline of 4%. There are reports in the media about the possibility of the US and Iran resuming talks.
See also: The end of pre-war oil. The last tankers are approaching the ports
Talks are ongoing to hold another round of negotiations before the two-week ceasefire expires. President Donald Trump told the New York Post on Tuesday that there could be more talks with Iran in Pakistan in the next two days.
Iran-US talks. Donald Trump: within two days
“You should stay there, really, because.” something might happen in the next two days and we are more inclined to go there Trump said to a tabloid journalist in Islamabad, the site of the first round of negotiations with Iran.
Just half an hour earlier, Trump told the same journalist that he ruled out talks in Pakistan, suggesting that Europe could be the place for the talks.
Oil price
The parties failed to reach an agreement after long weekend negotiations, which prompted Donald Trump to announce a blockade of Iranian oil supplies. Saudi Arabia called on the United States to end the blockade and return to diplomacy.
See also: Donald Trump tests Iran's pain threshold. “The USA opens a new chapter in the war”
The price of oil has recently been reacting to news from the Middle East, including possible peace talks. After news of the two-week ceasefire, oil prices dropped below $100. per barrel. However, the commodity returned to growth after reports of ceasefire violations and an impasse in US-Iran talks last weekend in Pakistan.
Since the U.S. and Israel attacked Iran on February 28, the price of oil peaked on March 9, with both WTI and Brent trading at $119. per barrel. Before the war, the raw material cost approximately $70.
US-Iran talks. When is the second round?
According to CNN, US officials are considering potential dates and locations for a possible second meeting with Iranian representatives. Iranian state media reports that no decision has been made yet on the next round of talks.
Both sides have proposed suspending Iran's uranium enrichment program, but no date has been set so far, CNN reported. The United States also demands the dismantling of Iran's main uranium enrichment facilities and the immediate reopening of the Strait of Hormuz.
Oil stuck in the Persian Gulf
Meanwhile, the International Energy Agency (IEA) has warned that the conflict could hamper global oil demand growth this year, marking the first annual decline since the pandemic. At the same time, she noted that prices may not yet reflect the scale of disruptions.
The war caused destruction of energy infrastructure and severe restrictions on traffic through the Strait of Hormuz. The OPEC+ report showed production falling by 7.9 million barrels per day in March.
