Oil Prices Drop Amid Prospective Second-Round US-Iran Talks

April 14, Kathmandu – Following remarks by US President Donald Trump on Monday, crude oil prices (Brent crude) have declined in the international markets. With growing prospects of a second round of peace talks between Iran and the United States, the price of crude fell by approximately one percent on Tuesday, according to international media reports. The BBC reported that Brent crude was trading at $98.40 per barrel on Tuesday. In US market trading, the price further dropped by 1.7 percent to $97.40 per barrel.

On Monday, Trump mentioned receiving a call from Iran seeking a deal. Speaking to reporters at the White House, Trump said, “We received a call from the other side (Iran). They want to make a deal.” The New York Times reported that Iran had proposed to the United States an agreement to halt uranium enrichment for five years. However, the US reportedly insisted on a 20-year condition, which Iran rejected. Discussions suggest that a moderate proposal could pave the way for a peace deal and lead to a second round of negotiations.