ISLAMABAD (Kashmir English): Crude oil prices have fallen again in the global market, bringing a two-week streak of increases to an end. The fall in oil prices comes at a time when tensions between Iran and the United States remain high.
According to the data released, the price of September futures for Brent crude oil fell by 25 cents, or 0.3 percent, on Friday, after which Brent crude oil fell to $89.45 per barrel.
Similarly, the price of US West Texas Intermediate crude oil also fell by 22 cents, or 0.3 percent, after which WTI started trading at $83.31 per barrel.
A significant decline in crude oil prices was also seen every week. The price of Brent crude oil fell by about 5.3 percent, while the price of WTI fell by 4.3 percent.
This decline in crude oil prices has come in an environment of tension between Iran and the United States. Diplomatic efforts are also facing difficulties as more complications arise instead of improvements in relations between the two countries.
US President Donald Trump’s administration is not interested in reviving the agreement reached with Iran in June, which has made efforts to revive talks between the two countries more difficult.
Earlier, Washington had also made it clear that the US is not negotiating directly with Iran. However, some other countries are continuing diplomatic efforts to reduce tensions between the two sides and bring them back to the negotiating table.
Economic experts say that despite global geopolitical tensions, the decline in crude oil prices reflects the changing trends of demand, supply, and investors in the market.
