Brent crude price fell by 13.28 percent to $94.76 per barrel on Wednesday amid easing geopolitical tensions involving Iran, United States, and Israel.
US West Texas Intermediate (WTI) also dropped by 14.72
percent to $96.31 a barrel.
The decline in Brent followed signals of de-escalation after
President Donald Trump said the United States would suspend planned military
action against Iran for two weeks, conditional on the restoration of safe
passage through the Strait of Hormuz.
“Based on conversations with Prime Minister Shehbaz Sharif
and Field Marshal Asim Munir… and subject to the Islamic Republic of Iran
agreeing to the complete, immediate, and safe opening of the Strait of Hormuz,
I agree to suspend the bombing and attack of Iran for a period of two weeks,”
Trump said.
He added that the pause would allow ongoing negotiations
between Washington and Tehran to be finalised, noting that both sides were
“very far along” on a potential long-term agreement.
In a corresponding statement, Seyed Abbas Araghchi, Iran’s
minister of foreign affairs, said Tehran would reciprocate if hostilities
cease.
“If attacks against Iran are halted, our powerful armed
forces will cease their defensive operations,” he said.
He also said safe passage through the Strait of Hormuz would
be guaranteed for two weeks, subject to coordination with Iran’s armed forces.
Araghchi also said there are mediation efforts from
Pakistan’s leadership, adding that the de-escalation followed engagements
involving Sharif and Munir.
On March 31, Brent crude oil price rose by 2.38 percent to
hit $117.54
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