- BIST10011,722-2.89%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,181.10+0.26%
- INTEREST37.00%-1.00
- BITCOIN81,915+0.65%
- October 18, 20263°
- BIST10011,722-2.89%
- USD49.45+0.05%
- EUR55.62+0.37%
- GOLD4,181.10+0.26%
- INTEREST37.00%-1.00
- BITCOIN81,915+0.65%
- October 18, 20263°
Brent crude at 4-month low: falls to pre-Iran-US war levels
Brent crude prices fell 3.4 percent to $72, returning to levels seen before the Iran-US war began. The decline was driven by optimism in markets over the Islamabad Accord and peace talks that started in Switzerland.
Sharp drop in oil prices
Oil prices saw a sharp decline on Friday. The price of Brent crude fell 3.4 percent to $72 per barrel.
This level is close to where prices stood before the US and Israel launched their military operation against Iran.
US crude followed a similar trend, dropping 3.5 percent and trading at around $69 per barrel as of 09:30 Turkish time.
Peace hopes ease markets
This decline, which marks the lowest level in four months, continues losses seen throughout the past week. The main reason for the drop is an optimistic mood in global markets.
This optimism stems from the 'Islamabad Accord,' announced to end the months-long war between the US and Iran that had driven up energy prices and fueled global inflation.
Before the war began, Brent crude was trading at around $72, and West Texas crude at around $66.
Ceasefire and negotiation process
The accord, signed electronically by Iranian President Masoud Pezeshkian and US President Donald Trump, came into effect on June 18.
Washington-Tehran talks, which began on Sunday in Switzerland with Pakistan and Qatar as mediators, aim to reach an agreement to end the war that the US and Israel launched against Iran on February 28.
Among the accord's provisions are the lifting of the US naval blockade on Iran and the reopening of the Strait of Hormuz to global energy shipments. The closure of the strait had played a significant role in driving up oil and gas prices and inflation.
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