Iran War Day 248: Oil Prices Fall on Diplomatic Hopes
Markets showed optimism on Monday after reports that the U.S. and Iran were holding talks aimed at ending the conflict.
Qatar-facilitated discussions in Doha carried on through the weekend, focusing on a two-day plan to reopen the Strait of Hormuz, and Iranian officials made encouraging remarks about diplomatic developments. Brent crude began the week near $111.69 a barrel, down from Friday’s $113.40 close, and has kept sliding. AAA said consumer fuel prices eased slightly, with national averages around $4.17 per gallon for regular gas and $6.29 for diesel. Stocks climbed while bond yields dropped.
Despite that, Iranian attacks on vessels in and around the Strait of Hormuz persisted; the UK maritime Trade Operations Center reported two tankers were struck on Sunday. Iran also reiterated that it’s demands for reopening the waterway remain unchanged.
Markets expressed optimism Monday about reported U.S.–Iran negotiations to end the war.
Qatari-mediated negotiations continued through the weekend in Doha about a two-day plan for reopening the Hormuz, and Iranian officials made positive comments about diplomatic progress. Brent crude opened the week at about $111.69, down from Friday’s close of $113.40, and has continued falling. AAA reported slight easing in consumer fuel prices, with national averages per gallon of $4.17 for regular gas and $6.29 for diesel. Stocks rose and bond yields fell.
Nevertheless, Iranian strikes against shipping around the Strait of Hormuz continued, with the UK Maritime Trade Operations Center reporting two tankers hit Sunday. The Islamic Republic also reiterated that its conditions for reopening the waterway have not changed.
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