Crude oil prices fell sharply in Monday trading after Iranian officials signaled willingness to return to negotiations over the country’s nuclear program and to ease energy transport through the Strait of Hormuz, according to a Rigzone wire report [1]. The report said Iranian officials reiterated that the country would ease energy transport through the waterway and return to formal negotiations, and that Brent crude reacted sharply as Iran signaled openness to renewed peace talks [1].
The decline reversed recent gains tied to supply-disruption concerns and reduced risk premiums in futures markets, traders said. A separate report from the same day said crude tumbled more than 4% after Axios reported that President Donald Trump told Israeli Prime Minister Benjamin Netanyahu he wanted to give diplomacy with Iran more time before resuming strikes [2]. The two developments together marked a shift in sentiment after a stretch of fighting that had repeatedly pushed crude higher.
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