ISLAMABAD (Kashmir English): As soon as the news of an agreement between Iran and the United States emerged, crude oil prices in the global market fell sharply.
Crude oil prices in the global market fell sharply at the start of trading activities, which created a new situation in business circles.
According to the news agency, oil prices in Asian markets fell significantly by more than 5 percent during early trading on Monday. Investors adopted a cautious attitude during the initial trading session itself, which affected the prevailing balance of supply and demand for crude oil, and the price graph went down sharply.
New Brent and WTI rates
In the global market, the price of Brent crude oil has fallen by 5.1 percent to $98.22 per barrel, while the price of WTI crude oil has fallen by 5.2 percent to $91.57 per barrel. This decline in prices is one of the biggest trading declines seen in the crude oil market in recent times.
The Middle East situation and possible agreement
This clear and significant decline in oil prices has come after the hopes of a possible agreement between the United States and Iran to end the Middle East war.
The global market expects that a possible diplomatic breakthrough between the two countries will reduce tensions in the region, although Donald Trump has described the chances of an immediate completion of the agreement as low.
Donald Trump’s social media statement
It should be noted that in a special statement issued on social media on Sunday, Donald Trump had said that he had clearly instructed his representatives not to rush into the agreement.
Despite the US leadership describing the possibility of an immediate agreement as low, the global market has reacted to the hope of diplomatic contacts and reduced oil prices.
