On Monday, West Texas Intermediate (WTI) crude futures rose by 0.71% to $69.72 a barrel, while International Brent crude increased by 0.36% to $72.25. This uptick follows a period where WTI prices fell below $70 for the first time since February 27, coinciding with the onset of the Iran war.
The recent military strikes by the U.S. on Iranian military sites, in response to Iran's attacks on commercial shipping in the Strait of Hormuz, have led to a pause in negotiations aimed at resolving the conflict. A Pakistani source involved in the talks indicated that discussions are on hold, although representatives remain in Switzerland, ready to resume when conditions allow.
Contrarily, a senior official from the Trump administration stated that negotiations have not been canceled and that technical talks regarding a memorandum of understanding are still scheduled. The situation remains fluid, with President Trump warning Iran of severe consequences following the U.S. military actions, which included strikes on missile and drone storage locations.
The geopolitical tensions in the region are likely to continue influencing oil prices and market sentiment