- BIST10011,598+1.47%
- USD49.55+0.21%
- EUR55.57-0.09%
- GOLD4,140.30-0.48%
- INTEREST37.00%-1.00
- BITCOIN81,469-0.46%
- October 20, 202620°
- BIST10011,598+1.47%
- USD49.55+0.21%
- EUR55.57-0.09%
- GOLD4,140.30-0.48%
- INTEREST37.00%-1.00
- BITCOIN81,469-0.46%
- October 20, 202620°
Lull in US-Iran tensions sends oil prices down, Brent falls below $84
The calm period between the US and Iran, now in its fourth day, has brought relief to oil markets. Brent crude fell 5.3% to $83.6 per barrel, while West Texas Intermediate lost 4.7% to settle at $78.6.
As calm prevails on the fourth day of the escalating tensions between the US and Iran that began last week, this has led to a notable drop in oil prices. On Tuesday, Brent crude fell 5.3% to $83.6 per barrel.
West Texas Intermediate (WTI) crude also dropped 4.7% to trade at $78.6 per barrel. Oil prices had risen above $100 last week as US-Iran tensions escalated.
Impact of Tensions on Markets
A cautious calm has prevailed in the region since last Friday. US strikes on Iran and allegations of Iranian retaliation targeting US military facilities have ceased after 13 days of clashes that began on July 11.
In June, the US and Iran had signed a memorandum of understanding aimed at halting hostilities and reaching a comprehensive agreement. However, on July 8, US President Donald Trump announced the end of the ceasefire, citing attacks on tankers in the Strait of Hormuz.
Washington demands that Iran stop its attacks on ships and guarantee freedom of navigation in the strait, while Tehran argues that transit traffic through the strait needs to be regulated. This situation is fueling international concerns over the impact any escalation could have on global energy supply and trade.
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