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What is the story about?
After falling 8.7% on Monday, one of its worst slumps in over three months, the global benchmark Brent dropped below $88 per barrel. The price of West Texas Intermediate was close to $82 a barrel.
According to Axios, President Trump stated that he chose to halt strikes against the Islamic Republic to give talks another opportunity.
However, it is still unclear whether the two parties were having meaningful conversations.
This month, the price of crude has fluctuated, first rising as tensions between Washington and Tehran grew and the conflict extended to the Red Sea, then falling as tensions subsided in recent days.
As per a Bloomberg report, in West Asia, officials from Iran and Oman are attempting to come to an agreement to resume shipping through the waterway, which used to transport a fifth of daily oil flows during peacetime and connects the Persian Gulf to international markets.
According to those acquainted with the situation, talks between Iran and Oman, which share a strait, are still ongoing after senior officials met in Tehran over the weekend. The Islamic Republic and the US would then be free to resume negotiations to put an end to their conflict if the arrangement was effective, they said.
Iran's army declared that it had stopped retaliating against US troops and bases in the area.
Furthermore, Bloomberg also reported that after Ukrainian drone assaults interrupted exports, Kazakhstan's major terminal started loading, easing supply difficulties elsewhere as well. According to the Kazakh energy ministry, two tankers started loading at the Caspian Pipeline Consortium facility close to the Russian port of Novorossiysk.
Also Read: Chipmaker CXMT vaults to top of China's valuation with 466% surge in Shanghai debut
According to Axios, President Trump stated that he chose to halt strikes against the Islamic Republic to give talks another opportunity.
However, it is still unclear whether the two parties were having meaningful conversations.
This month, the price of crude has fluctuated, first rising as tensions between Washington and Tehran grew and the conflict extended to the Red Sea, then falling as tensions subsided in recent days.
As per a Bloomberg report, in West Asia, officials from Iran and Oman are attempting to come to an agreement to resume shipping through the waterway, which used to transport a fifth of daily oil flows during peacetime and connects the Persian Gulf to international markets.
According to those acquainted with the situation, talks between Iran and Oman, which share a strait, are still ongoing after senior officials met in Tehran over the weekend. The Islamic Republic and the US would then be free to resume negotiations to put an end to their conflict if the arrangement was effective, they said.
Iran's army declared that it had stopped retaliating against US troops and bases in the area.
Furthermore, Bloomberg also reported that after Ukrainian drone assaults interrupted exports, Kazakhstan's major terminal started loading, easing supply difficulties elsewhere as well. According to the Kazakh energy ministry, two tankers started loading at the Caspian Pipeline Consortium facility close to the Russian port of Novorossiysk.
Also Read: Chipmaker CXMT vaults to top of China's valuation with 466% surge in Shanghai debut
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