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- INTEREST37.00%-1.00
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- October 21, 202618°
- BIST10011,706-0.78%
- USD49.58+0.05%
- EUR55.62+0.09%
- GOLD4,141.60-0.02%
- INTEREST37.00%-1.00
- BITCOIN83,044+0.13%
- October 21, 202618°
Brent crude hits 4-month low, falling to pre-Iran-US war levels
Brent crude prices fell 3.4% to $72, returning to levels before the Iran-US war began. The decline was driven by optimism from the Islamabad Accord and peace talks starting in Switzerland.
Sharp drop in oil prices
Oil prices fell sharply on Friday. Brent crude dropped 3.4% to $72 per barrel.
This level is close to where prices were before the US and Israel began their military operation against Iran.
American crude oil followed a similar trend, falling 3.5% to trade around $69 per barrel as of 09:30 TSİ.
Peace hopes ease markets
The decline, which marks the lowest level in four months, continues last week's losses. The main reason for the drop is the optimism in global markets.
This optimism stems from the 'Islamabad Accord,' announced to end the months-long war between the US and Iran, which had driven up energy prices and fueled global inflation pressures.
Before the war, Brent crude was trading around $72, while West Texas crude was around $66.
Ceasefire and negotiation process
The accord, signed electronically by Iranian President Masoud Pezeshkian and US President Donald Trump, came into effect on June 18.
The Washington-Tehran talks, which began in Switzerland on Sunday with Pakistan and Qatar as mediators, aim to reach an agreement ending the war that the US and Israel launched against Iran on February 28.
Among the accord's provisions are the lifting of the US naval blockade on Iran and the reopening of the Strait of Hormuz to global energy shipments. The closure of the strait had played a major role in raising oil and gas prices and inflation.
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