Oil prices are rising on global markets: the main reasons
1 June 07:15
Oil prices rose after falling to a six-week low amid growing uncertainty over the prospects for a peace deal between the U.S. and Iran, which is expected to provide for an extension of the ceasefire and the resumption of shipping through the strategically important Strait of Hormuz, reports "Komersant Ukrainian", citing Interfax-Ukraine.
According to media reports, the U.S. and Iran exchanged messages over the weekend in an attempt to agree on amendments to the draft agreement, which would extend the ceasefire and reopen the Strait of Hormuz. At the same time, it remains unclear whether the parties are making substantial progress.
Earlier optimism regarding a possible deal led to the first monthly drop in oil prices this year. At the same time, Brent remains more than a quarter higher than its level at the start of the war in late February.
Brent traded above $92 per barrel after closing at its lowest level since mid-April on Friday, while West Texas Intermediate hovered around $89 per barrel.
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