Oil prices moved lower today after yesterday’s rise, as optimism over a de-escalation of the Middle East conflict offset concerns over disruption to oil supply due to the paralysis of shipping in the Strait of Hormuz.
U.S. President Donald Trump said Iran had agreed to hand over its enriched uranium, one of the U.S. requirements to reach a deal with Tehran. Trump said yesterday that “we are very close” to reaching a deal with Iran as “great progress” has been made, reviving hopes for a de-escalation in the Middle East.
Today also marks the start of a ceasefire in Lebanon, which appears to reassure markets as an end to hostilities in Lebanon is one of Tehran’s demands to negotiate with the US.
Around 12:30 p.m. GMT, the price of a barrel of North Sea Brent crude for June delivery was down 2.41 percent at $96.99. The corresponding U.S. WTI, May delivery, fell 3.03% to $91.82.
