Global oil prices are declining

The downturn is driven by improved diplomatic relations between the United States and Iran

Brent is trading at $79 per barrel, while WTI is around $75, according to Reuters.

The decline is attributed to the improvement in diplomatic ties between the U.S. and Iran.

It should be noted that the first round of negotiations in Switzerland has concluded. Iran’s Deputy Foreign Minister Abbas ARAGHCHI announced that Tehran had secured the lifting of restrictions on oil and petrochemical exports, as well as the unfreezing of part of its assets.

According to data from the National Iranian Oil Company, more than 25 million barrels of crude passed through the Strait of Hormuz over the past week.

Photo credit: blueberrymarkets.com.

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