The oil price fell sharply on Monday. Already in the past week they were sometimes under strong selling pressure. A barrel (159 litres) of North Sea Brent cost $95.55 (EUR 95.04) in the morning. That was $1.17 less than Friday. The price of a barrel of West Texas Intermediate (WTI) fell $1.25 to $89.52.
Market observers say oil prices will remain under pressure from the prospect of increased oil exports from the important oil-producing country of Iran. Over the weekend, US President Joe Biden had phoned the heads of governments of Germany, France and Great Britain.
During the exchange, the situation in the Middle East was also discussed, including the negotiations on the nuclear deal with Iran.
Economic sanctions against Iran are lifted
Negotiations are currently underway to revive the international nuclear deal with Iran. Efforts to revive the 2015 agreement aim to curb Iran’s nuclear program. In return, economic sanctions against Iran should be lifted. The OPEC member could then supply more crude oil to western industrialized countries.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
