Oil prices at the international market dipped on Monday due to indications that regional tensions may be easing after announcements that negotiations between Washington and Tehran over Iran’s nuclear programme will continue.
As a result, Brent crude traded at $67.09 per barrel, down 0.8% from the previous day’s closing price of $67.66 while the US benchmark West Texas Intermediate (WTI) also dropped by the same points of 0.8% to $62.76 per barrel, compared with $63.31 it traded the previous day.
US President Donald Trump described the indirect talks held between Iran and the US in Muscat, the capital of Oman, as very good and confirmed that Tehran had expressed its willingness to reach a new agreement.
Expressing satisfaction with the initial round of talks in Muscat, Trump said: “Today we had very, very good talks with Russia and Ukraine, and likewise, we had very good talks with Iran. It looks like Iran wants to make a deal, and they want it very much.”
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Recalling that a large naval force had been dispatched to the region in response to Iran, Trump promised that the naval force will be there soon and that his administration would see how the deployment turns out.”
Also commenting, the Iranian President, Masoud Pezeshkian, said the talks with the US marked a step forward.
Meanwhile, Trump has signed an executive order allowing the imposition of additional tariffs on goods imported from countries that directly or indirectly purchase goods or services from Iran.
Under the new order, the US may apply an additional 25% tariff on products imported from countries that source goods or services from Iran, either directly or indirectly.
