Oil prices fall a second day as Trump indicates possible Iran peace deal
Key takeaways
- Add ARY News on Google AAResize Oil prices fell for a second day on Wednesday on expectations bottled up supply from the key Middle East producing region could resume flowing after U.S.
- Brent crude futures for July fell $1.52, or 1.38%, to $108.35 per barrel as of 0103 GMT, after dropping 4% in the previous session.
- There was no immediate reaction from Tehran, where it was very early on Wednesday morning.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize Oil prices fell for a second day on Wednesday on expectations bottled up supply from the key Middle East producing region could resume flowing after U.S. President Donald Trump indicated a possible peace deal may be reached to end the war with Iran.
Brent crude futures for July fell $1.52, or 1.38%, to $108.35 per barrel as of 0103 GMT, after dropping 4% in the previous session. U.S. benchmark West Texas Intermediate futures for June declined $1.50, or 1.47%, to $100.77, after closing down 3.9% the day before.
On Tuesday, Trump unexpectedly said he would briefly pause an operation to help escort ships through the Strait of Hormuz, citing progress toward a comprehensive agreement with Iran, without giving details on the agreement.