Crude oil futures declined over 4% in early trading sessions in Wall Street on Monday, following reports that Iran is seeking to cease hostilities with Israel and reinstate nuclear discussions.
U.S. crude oil West Texas Intermediate was trading down $3.30, equating to a 4.52% decrease to $69.68 per barrel. Meanwhile, the global benchmark, Brent crude, dropped by $3.23 or 4.35% to reach $71.00 per barrel. E
According to officials cited by the Wall Street Journal, Iran is aggressively attempting to end current hostilities and resume diplomacy regarding its nuclear programs. Messages have been relayed to Israel and the United States through Arab interlocutors. Iranian representatives emphasized their willingness to re-engage in negotiations, provided that the U.S. refrains from joining the conflict.
Iran has additionally communicated to Israel, noting that it is mutually beneficial to control the violence. Furthermore, Iran has reportedly warned Arab officials that, absent the chance for dialogue with the U.S., it might expedite its nuclear development and broaden the conflict’s scope.
