Global crude oil prices are hovering around $95 per barrel on Thursday and are expected to fall on the announcement of possible second-round US-Iran talks in Islamabad. The prices are expected to decline, with global markets anticipating positive developments, including in the Asian markets, which have taken a major hit since the blockade of the Strait of Hormuz.
On Monday, these prices were above $100 per barrel following US President Donald Trump’s threats of launching airstrikes on Iran’s civilian and oil infrastructure. The prices on Wednesday declined to $94.33 per barrel, with Brent crude oil prices hitting an intraday high of $96.90 during trading hours.
Besides, West Texas Intermediate (WTI) oil prices also hit $93.27 per barrel on April 15, after declining to $90.01 per barrel as the commodity futures opened around the $92 per barrel region.
Brent crude on Thursday was trading 0.2 per cent higher at $95.08 per barrel after closing at $94.90 per barrel.
The US-based WTI crude oil price also surged 0.21 per cent higher to $91.48 per barrel on April 16, compared to $91.29 per barrel at the previous market close.
The prices of oil are directly dependent on whether the Iran-US ceasefire holds. If the talks continue and both sides agree to extend the two-week ceasefire, there are better chances that oil prices will come down in the next days.
The confirmation on the next round of peace talks was given by White House Press Secretary Karoline Leavitt, who said that America “feels good” about the prospect of a deal, but no date has been determined for further negotiations.
“We feel good about the prospects of a deal,” Leavitt told reporters at the White House.
“It’s obviously in the best interests of Iran to meet the president’s demands.”
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