Oil Falls on Hopes of US-Iran Diplomacy
Crude oil fell to $98 a barrel on Tuesday amid hopes of diplomatic progress between the US and Iran. Pakistan’s army chief, Field Marshal Asim Munir, met with senior Iranian diplomatic and military officials in Tehran to discuss bilateral relations and the status of talks with the US. Although officials from both sides have said in recent weeks that messages and proposals are being exchanged through mediators, the extent of their differences on key issues remains unclear. US President Trump said earlier this month that US forces would not attack Iran before the midterm elections. Meanwhile, attacks on tankers and strikes targeting Saudi Arabia have escalated. At least 18 vessels have come under fire over the past two weeks. On Tuesday, Iran’s IRGC said two “non-compliant” oil tankers had been struck in the Strait of Hormuz. Foreign Ministry spokesperson Esmaeil Baqaei warned at a weekly news conference that Iran would respond to US attacks “in equal measure, if not more forcefully.”
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Crude oil fell to $98 a barrel on Tuesday amid hopes of diplomatic progress between the US and Iran. Pakistan’s army chief, Field Marshal Asim Munir, met with senior Iranian diplomatic and military officials in Tehran to discuss bilateral relations and the status of talks with the US. Although officials from both sides have said in recent weeks that messages and proposals are being exchanged through mediators, the extent of their differences on key issues remains unclear. US President Trump said earlier this month that US forces would not attack Iran before the midterm elections.
Meanwhile, attacks on tankers and strikes targeting Saudi Arabia have escalated. At least 18 vessels have come under fire over the past two weeks. On Tuesday, Iran’s IRGC said two “non-compliant” oil tankers had been struck in the Strait of Hormuz. Foreign Ministry spokesperson Esmaeil Baqaei warned at a weekly news conference that Iran would respond to US attacks “in equal measure, if not more forcefully.”