Oil prices fall further in the global market

ISLAMABAD: After the agreement between the US and Iran, crude oil prices have fallen further in the global market.

According to international media reports, Brent crude oil and West Texas Intermediate prices fell due to investor concerns and expectations of normalization of oil supply.

Brent crude oil fell to $78.80 per barrel, while WTI fell to $74.30 per barrel.

Experts say that progress in negotiations between the US and Iran has reduced concerns about possible obstacles in the Strait of Hormuz, which has led to signs of stability in the global energy market.

Iran allowed to sell oil and petroleum products until August 21

According to analysts, if the implementation of the agreement between the two countries continues, oil supply may improve and prices may fall further, however, in the event of renewed tension in the region, it will affect oil prices in the global market.

Economists say that the decline in global oil prices could have a positive impact on oil-importing countries, including Pakistan.

US allows Iran to export crude oil

The US has temporarily allowed Tehran to export crude oil after improving relations with Iran.

The US Treasury Department has issued a temporary general license for the sale of Iranian oil and petrochemical products.

According to US officials, Iran can export oil and petrochemicals until August 21, and Iran has also been allowed to provide services related to the Iranian oil trade, including banking, insurance and shipping.

It should be noted that the US concession does not include transactions related to North Korea and Cuba.

Earlier, Iranian Foreign Minister Abbas Araqchi said that the tireless mediation efforts of Pakistan and Qatar have borne fruit, great progress has been made in ending the Lebanon war, and restrictions on oil and petrochemical exports have been lifted.

He said that the economic blockade on Iran has been lifted, while some of the frozen assets have also been restored, and a large-scale reconstruction and development project has been launched for Iran.

Abbas Araqchi further said that the first real test of all this progress will be the ‘Lebanon Deconfliction Seal’.

On the other hand, US Vice President JD Vance said during a news conference that the Strait of Hormuz has been formally opened, and talks were held with the Iranian delegation to move matters forward.

JD Vance said that progress has been made on many issues with Iran, including progress on nuclear issues with Iran, and Iran-US technical talks will continue in the coming days and weeks.

The US Vice President added that Iran has allowed the IAEA to visit its country, providing a solid foundation for the future course of action.