Brent crude falls to $78.24 as peace hopes rise for end of US-Israel war on Iran
By
John Power
Toasted to a respectable shade. No regrets, no crumbs left.
Summary
Oil prices continue to decline, with Brent crude dropping to $78.24 per barrel — the lowest since early March — as hopes grow for a framework agreement to end the US-Israel war on Iran. Prices had surged over 50% during the conflict but are now falling amid peace prospects and potential reopening of the Strait of Hormuz.
Key quotes
· 4 pulledOil prices are continuing to drop, as hopes rise for a return to stability in global energy markets before the signing of a framework agreement on ending the United States-Israel war on Iran.
Futures for Brent crude due for delivery in August dipped nearly 1 percent on Wednesday, extending declines of about 5 percent on each of the previous two days.
The international benchmark stood at $78.24 a barrel as of 08:00 GMT, the lowest price since March 3, three days after the start of the war.
After rising more than 50 percent during the conflict, the pric
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