- BIST10011,798+3.22%
- USD49.55+0.21%
- EUR55.57-0.09%
- GOLD4,145.30+0.07%
- INTEREST37.00%-1.00
- BITCOIN83,033+1.45%
- October 21, 202618°
- BIST10011,798+3.22%
- USD49.55+0.21%
- EUR55.57-0.09%
- GOLD4,145.30+0.07%
- INTEREST37.00%-1.00
- BITCOIN83,033+1.45%
- October 21, 202618°
Oil prices slide as US-Iran tensions ease, Brent dips below $84
Following the halt of clashes between the US and Iran, oil prices went into decline. Brent crude's barrel price fell 5.3 percent to $83.6, and West Texas Intermediate crude lost 4.7 percent to $78.6.
The calm between the US and Iran, now in its fourth day, triggered a decline in oil markets. On Tuesday, Brent crude fell 5.3 percent to $83.6 per barrel.
West Texas Intermediate (WTI) crude also lost 4.7 percent, trading at $78.6. Last week, as US-Iran tensions escalated, Brent had surged above $100.
Halt in Clashes and Market Impact
Since last Friday, a cautious calm has prevailed in the region. The 13-day clashes that began on July 11 have halted, with the US attacks on Iran and Iran's alleged retaliatory targeting of US military facilities stopping.
In June, the US and Iran had signed a memorandum of understanding aimed at stopping the clashes and reaching a comprehensive agreement. However, on July 8, US President Donald Trump announced an end to the ceasefire, citing attacks on tankers in the Strait of Hormuz.
While Washington demands that Iran stop its attacks on vessels and ensure freedom of navigation in the strait, Tehran argues that transit traffic through the strait must be regulated. This situation heightens international concerns over the impact any escalation could have on global energy supply and trade.
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