Early Asian trade on Tuesday saw a decline in oil prices as worries about additional disruptions to energy supplies subsided due to expectations of further peace negotiations between the US and Iran.
While US-traded oil dropped by 1.7% to $97.40, the price of global benchmark Brent crude fell by almost 1% to $98.40 (£72.85) per barrel. Tehran has reached out to Washington on a possible deal, according to President Donald Trump.
Following Trump’s directive to embargo Iran’s ports after the two sides’ discussions broke down over the weekend, oil prices earlier surged beyond $100 per barrel. I can tell you we’ve been called by the other side,” Trump told to reporters on Monday outside the White House. They really want to close a deal.”
Separately, the US insisted on 20 years, rejecting Iran’s offer to halt uranium enrichment for up to five years, according to the New York Times. According to the report, which quoted US and Iranian sources, Washington and Tehran had exchanged ideas for halting Iran’s nuclear program during negotiations in Pakistan, but they were still far from reaching a consensus.
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