Oil prices declined due to expectations that tensions between the US and Iran may ease, the strength of the US dollar, and abundant global oil supply. As both countries are set to resume nuclear talks, the market believes the risk of conflict or sanctions could reduce. At the same time, the strong dollar has made oil more expensive for foreign buyers, leading to weaker demand. Reports that Russia and other countries have sufficient oil supplies also contributed to the price drop. Additionally, India’s decision to purchase oil from the US and Venezuela has raised expectations that more Russian oil will remain in the global market, further pressuring prices. As a result, analysts say oil prices are likely to remain volatile in the coming days, reacting more to major geopolitical and economic developments rather than showing a clear upward trend.
Oil Prices Fall as US–Iran Tensions Ease!!!
