ISLAMABAD: Oil prices in the global market fell on Tuesday, as hopes of possible new peace talks between the United States and Iran eased concerns about energy supplies to some extent.
Brent crude fell about 1 percent to $98.40 a barrel, while U.S. crude fell 1.7 percent to $97.40.
The decline came at a time when U.S. President Donald Trump said that Tehran had contacted Washington about a possible deal. He said, “We have received a call from the other side, they want to make a deal.”
It should be remembered that oil prices had previously exceeded $100 a barrel after Trump announced a blockade of Iranian ports after talks between the United States and Iran failed.
On the other hand, a report has stated that Iran offered to suspend uranium enrichment for five years, but the US rejected it and demanded a period of 20 years.
Nevertheless, experts say that the continuation of the talks keeps the hope of a possible agreement alive, and a second round of direct negotiations is expected soon.
Meanwhile, Asian stock markets saw an improvement, with Japan’s Nikkei 225 index up 2.6 percent while South Korea’s KOSPI index rose more than 3 percent.
According to experts, tensions in the Strait of Hormuz continue to pose a major threat to the global energy market, from where about 20 percent of the world’s oil and gas exports are made.
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