Oil prices fell on Tuesday after Iran’s foreign minister said progress had been made in nuclear talks with the United States, raising hopes that talks could prevent another conflict in the Middle East.
usa crude oil Oil prices fell 56 cents, or 0.89%, to close at $62.33 per barrel. global benchmark brent It lost $1.23 (1.79%) and settled at $67.42.
Iran and the United States reached “agreement in principle” on guiding principles during talks in Geneva on Tuesday, Foreign Minister Abbas Araghchi said, according to the semi-official Tansim news agency. Arraguchi said talks with the United States were serious and constructive.
Tensions between Iran and the US remain high. President Donald Trump has threatened to attack the Islamic Republic unless it strikes a deal over its nuclear program.
Iran on Tuesday conducted war games in the Strait of Hormuz, a trade chokepoint critical to international oil supplies. Traffic in the strait was suspended for several hours as Iran’s Revolutionary Guards conducted naval exercises, Tasnim news agency reported.
About one-third of waterborne crude oil exports pass through the strait, according to data from consulting firm Kpler.
According to the Tansim news agency, Maj. Gen. Alireza Tansiri said the Guard was ready to close the Strait of Hormuz if ordered to do so.
