A barrel of Brent oil is traded at $94.05 in international futures markets.
The barrel price of Brent oil, which rose to $97.79 yesterday, finished the day at $94.98.
The forward barrel price of Brent oil decreased by approximately 1 percent compared to the closing date at 09.27 today, reaching 94.05 dollars. At the same time, West Texas Intermediate (WTI) crude oil was sold at $91.14 per barrel.
Oil prices, which rose more than 5 percent yesterday as negotiations between the USA and Iran stalled and threats to critical energy transmission lines increased concerns about supply disruption, fell as optimism that talks between the parties could restart grew stronger.
Yesterday, it was reported that Iran stopped its indirect contacts with the USA through mediators due to Israel’s continuing attacks on Lebanon, and put forward the condition for Israel to end its attacks and withdraw from the occupied regions in order to restart the talks.
The rise in prices was also supported by the news that Iran was considering the option of completely closing the Strait of Hormuz and activating other fronts, including the Bab al-Mandeb Strait.
However, expectations that tensions might ease gained strength when US President Donald Trump said he would ask Israeli Prime Minister Benjamin Netanyahu “what is going on in Lebanon.” Trump also stated that he was not concerned about rising oil prices after Iran suspended negotiations and threatened to close the Strait of Hormuz.
Making a statement on his social media account after his phone call with Netanyahu, Trump stated that the meeting went “very well” and that Israel would not send troops to Beirut and that the troops that departed were recalled.
Trump also stated that there were indirect contacts with Hezbollah and claimed that the parties agreed to avoid mutual attacks.
On the other hand, there were reports in the US press that Trump reacted harshly to Netanyahu in the phone call on the grounds that he had escalated the tension in Lebanon. The Israeli press claimed that a planned attack on the Dahiye district of Beirut was postponed at the last minute with the intervention of the USA.
These developments increased expectations that the diplomatic process between the United States and Iran could be revived, alleviating supply disruption concerns in the markets and putting downward pressure on oil prices.
On the other hand, Israeli Defense Minister Yisrael Katz’s statement that operations in the south of Lebanon will continue despite Trump’s statements limited the decline in prices.
Speaking to Israel’s Channel 14 television, Katz argued that there was no ceasefire in Lebanon and said that attacks would continue in order to remove Hezbollah from the region.
It is stated that technically $ 94.97 can be watched as resistance and $ 93.53 as support zone for Brent oil.
