Global Oil Prices Fall Amid Hopes for Deal with Iran

Global fuel oil prices have fallen due to the possibility of reduced conflict in the Middle East and increased hopes for an understanding between the United States and Iran. On Monday (November 9), a decline was observed in crude oil prices, as well as in European natural gas prices.

According to a report by Anadolu Agency, US President Donald Trump indicated that the likelihood of a new military attack would be very low if an agreement were reached between Washington and Tehran regarding Iran’s nuclear program and the reopening of the Strait of Hormuz. Following his statement, hopes for a diplomatic solution in the Middle East have strengthened.

Decreased concerns among investors about disruptions to fuel supply in the Strait of Hormuz have created downward pressure in the oil market. Simultaneously, the expectation of eased restrictions on movement through this crucial waterway and normalized oil exports from the Gulf region has also contributed to the price reduction.

According to market prices at 12:50 PM GMT on Monday, the international benchmark Brent crude fell by 3.26 percent to $95.11 per barrel. Over the past seven days, the price of this oil has decreased by 9.25 percent.

Meanwhile, in the US market, the price of West Texas Intermediate (WTI) fell by 2.64 percent to $88.44 per barrel. Over the past seven days, the price of this oil has decreased by 8.42 percent.

Additionally, gasoline prices fell by 1.92 percent to $2.72 per gallon. Heating oil prices also decreased by 0.75 percent, settling at $4.30 per gallon.

In the European market, natural gas prices fell by 2.37 percent, bringing the price per megawatt-hour to 83.56 Euros. Over the past seven days, gas prices in Europe have decreased by 11.96 percent.

Source – Anadolu Agency

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