Oil Prices Are Falling on Global Markets: Key Factors
21 July 14:45
Oil prices are falling on Tuesday, July 21, amid reports that mediators are working to resolve the conflict between the U.S. and Iran, which, in the meantime, continue to exchange blows. This was reported by "Komersant Ukrainian", citing Interfax-Ukraine.
Western media sources note that mediators, including Qatar, Egypt, and Pakistan, have conveyed a proposal for a 10-day ceasefire to Washington and Tehran. According to U.S. officials, the administration of U.S. President Donald Trump is trying to push this proposal through and has even “called on Israel to refrain from actions that could close the window for diplomacy.”
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The price of September Brent crude futures on the London-based ICE Futures exchange stands at $88.65 per barrel, down $0.57 (0.64%) from the previous session’s close. On Monday, they rose by $1.12 (1.27%) to $89.22 per barrel.
WTI crude oil futures for September delivery on the New York Mercantile Exchange (NYMEX) have so far fallen by $0.21 (0.25%) to $82.27 per barrel. At the close of the previous session, their price had risen by $0.7 (0.9%) to $82.48 per barrel.
Hopes for a possible resumption of negotiations between the U.S. and Iran emerged the day before following a statement by Iranian Foreign Ministry spokesman Ismail Baghai that Tehran had received new proposals to resolve the crisis in the region. However, shortly thereafter, it was reported that the Yemeni Houthis had announced the start of a naval blockade of Saudi Arabia.
Later, Trump wrote on the social media platform Truth Social that the U.S. would launch powerful strikes against Iran whenever American service members are killed as a result of attacks launched by that country.
“There is some hope for a de-escalation of the conflict between the U.S. and Iran. According to reports, mediators are proposing a 10-day ceasefire to the parties, which could bring them back to the previous memorandum of understanding,” according to a review by ING analysts.
However, achieving this will not be easy, given that serious differences remain between Washington and Tehran, and Trump has warned of retaliatory measures following the deaths of several American service members, experts note.
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