Oil prices are falling on global markets: key factors
9 June 09:36
Oil prices are falling on the morning of Tuesday, June 9, following a rise the previous day, as investors assess the prospects of the Middle East conflict. This is reported by "Komersant Ukrainian", citing Interfax-Ukraine.
The price of August Brent futures on the London ICE Futures exchange, as of 8:13 a.m., stands at $93.44 per barrel, which is $0.81 (0.86%) lower than at the close of the previous trading session. On Monday, these contracts rose by $1.16 (1.24%) to $94.25 per barrel.
July WTI crude oil futures on the New York Mercantile Exchange (NYMEX) have fallen by $1.15 (1.26%) to $90.15 per barrel so far today. At the close of the previous session, their price had risen by $0.76 (0.84%) to $91.30 per barrel.
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Iran and Israel have agreed to halt attacks against each other, raising hopes for progress in peace talks, according to Trading Economics. Over the weekend, they exchanged strikes, jeopardizing an already fragile ceasefire and sparking fears of a larger-scale escalation.
U.S. President Donald Trump called on both countries to de-escalate the conflict and stated that negotiations with Tehran are ongoing, and that oil prices should fall once hostilities end.
At the same time, the Strait of Hormuz remains de facto closed due to a dual blockade by the U.S. and Iran.
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