As peace-talk progress speeds up in the Middle East, as well as between Russia and Ukraine, Oil prices dropped more than $1 this Thursday.
According to Reuters, Brent futures lost $1.14, or 1.2%, to $91.62 a barrel by 0141 GMT. Separately US West Texas Intermediate (WTI) crude futures fell $1.04, or 1.2%, to nearly $85.49. Overall, Brent rose about 1.4% and WTI 0.6% more, than its previous day alone.
chief strategist of Nissan Securities Investment, (a unit of Nissan Securities) Hiroyuki Kikukawa, even spoke about this. According to the outlet he said. “Markets are falling on expectations that behind-the-scenes efforts are underway to secure a ceasefire between Russia and Ukraine and that it is unlikely the Iran war will escalate ahead of the US-China summit next week. However, given the uncertainty surrounding the Strait of Hormuz, the markets are unlikely to suffer a significant collapse.”
Russia vs Ukraine:
Negotiators agreed to a major prisoner exchange at two days of peace talks in Abu Dhabi (that ended on Wednesday,) however, US mediators warn differences remained on other major issues, including territory.
Middle East:
Meanwhile, in the Middle East, Iranian security chief Mohsen Rezaei refused to allow “even a single particle of enriched nuclear material to leave the country”, according to the outlet, and said there “will be consequences if US launches new strikes.”
However, Washington claims said nuclear issues ’must be part of any initial negotiations with Iran’ aimed at ending the eight-month-old war, while US officials downplayed the need for further military strikes.
