Industry Odisha Bureau, Jun 17: Even though the final seal of approval for the US-Iran peace deal is slated to be endorsed at Switzerland’s Geneva on June 19, the impact of the recent announcement by US President Donald Trump hinting at the most important development has reportedly resulted in a remarkable drop in the price of crude oil dipping below $80 per barrel mark for the first time since the conflict broke out on February 28 morning hours.
As per media reports, “International benchmark Brent crude settled at $78.96 a barrel on Tuesday , down 5.1%, while US benchmark West Texas Intermediate fell 5.8% to $76.05.”
Media reports also said, “The price of Brent has come down sharply from its $100-plus level of a few weeks ago.”
Such a sharp decline in the price of global crude oil is reportedly attributed to the optimism that the normal shipments would very soon get restored and the supply chain would resume as usual at the globally critical chokepoint Strait of Hormuz.
Media reports also stated that, “the crude oil price slipped when it was expected that the Trump regime could ease sanctions on Iranian oil exports as part of the peace deal paving path to large-scale sales of crude oil and refined petroleum products so that the global supplies could get further ugmented.”
