FLASH
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Oil prices fell on Friday as investors expressed optimism about a de-escalation in the conflict between the United States, Israel and Iran. Market confidence rose after US President Donald Trump distributed a draft peace agreement between the allied parties.
Brent crude, the global benchmark, fell 1.3% to $91.54 a barrel. That brings it down about 17% from levels seen in early May.
Similarly, futures contracts for West Texas Intermediate (WTI) crude, the North American benchmark, fell 1.4%, falling to $87.64 per barrel during the first hours of trading on Friday.
According to a report by the American media outlet Axios, the US and Iran have reached a preliminary agreement to extend the ceasefire by 60 days. However, the report notes that President Trump has not yet approved the final terms of the agreement. Meanwhile, Vice President JD Vance stated that a deal “has not been reached yet,” but that the parties are “very close.”
The conflict in Iran has entered its 90th day and has caused significant consequences for the global economy. The situation escalated after Iran responded by closing the Strait of Hormuz, one of the most important corridors for maritime oil transport.
The closure of this strategic route has hindered a significant portion of exports from the Persian Gulf countries, one of the largest oil-producing regions in the world.
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