Oil prices drop below $71 a barrel to pre-war levels amid hopes for permanent peace deal
By
John Power
1d ago· 4 min readenNews
Summary
Oil prices have fallen to pre-war levels, with Brent crude dropping below $71 a barrel — a decline of over 38% from its post-war peak — amid growing optimism that negotiations to permanently end the US-Israel war on Iran may succeed. The price drop reflects market hopes for a diplomatic breakthrough and a return to stability in the region.
Source
bskyOil prices drop below $71 a barrel to pre-war levels amid hopes for permanent peace dealaljazeera.comKey quotes
· 4 pulledOil prices have fallen to levels not seen since the start of the US-Israel war on Iran amid rising hopes for a breakthrough in negotiations aimed at sealing a permanent peace deal.
Brent crude fell more than 1 percent on Thursday to below $71 a barrel, returning the international benchmark to pre-war prices.
Brent futures for August delivery stood at $70.82 per barrel as of 04:30 GMT, lower than at any point since February 27, the day before the war began.
Following the latest drop, Brent prices are down more than 38 percent from their post-war peak.
Brent falls below $71 a barrel amid reports of progress in talks to end the war permanently.
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