Global crude oil prices declined sharply after growing hopefulness over a possible agreement between Iran and the United States.
According to a news agency, oil prices in Asian markets dropped by more than five per cent during early trading on Monday.
Brent Crude prices fell by 5.1 per cent to $98.22 per barrel, while West Texas Intermediate (WTI) crude declined 5.2 per cent to $91.57 per barrel.
The decline came amid expectations of a possible agreement between Iran and the United States aimed at ending tensions and conflict in the Middle East, although Donald Trump downplayed the chances of an immediate breakthrough.
In a statement shared on social media on Sunday, Trump said he had instructed his representatives not to rush into finalising any agreement.
It is pertinent to mention that earlier, Trump said that the US would make a final decision on Iran by Sunday (yesterday).
However, as of now, there is no announcement other than this post.
Trump also held phone calls COAS and CDF Field Marshal Asim Munir.
In a post, Prime Minister (PM) Shehbaz Sharif said, “I congratulate President Donald Trump on his extraordinary efforts to pursue peace and for holding a very useful and productive telephone call earlier today, with the leaders of Saudi Arabia, Qatar, Turkiye, Egypt, the UAE, Jordan, and Pakistan. Field Marshal Syed Asim Munir represented Pakistan in the telephone call, and I greatly appreciate his tireless efforts during the entire process. The discussions provided a useful opportunity to exchange views on the current regional situation and how to move the ongoing peace efforts forward to bring lasting peace in the region. Pakistan will continue its peace efforts with utmost sincerity, and we hope to host the next round of talks very soon.”
The Washington Times has claimed that a draft of a final peace agreement between the United States and Iran has been prepared to end ongoing tensions and conflicts between the two countries.
The report said that an official announcement of the agreement is expected within the next 24 hours.
According to the report, key American and Iranian negotiators have approved the proposed draft. It has now been sent to the top leadership of both countries for final approval.
Also read: Oil prices go up as US, Iran disagree on peace proposal
