Brent Crude Falls on Hopes of Middle East Diplomacy
The international benchmark dropped 3.1% to $106.50 per barrel as of 1950 GMT. The decline came after Pakistani Prime Minister Shehbaz Sharif urged US President Donald Trump to extend his deadline for Iran by two weeks “to allow diplomacy to run its course.”
Sharif also called on Tehran to reopen the Strait of Hormuz for a matching two-week period as a gesture of goodwill, while requesting all warring parties observe a cease-fire across the region during that time.
Adding to expectations of a diplomatic pause, the White House confirmed that Trump is “aware” of Pakistan’s proposal and that “a response will come.”
The developments raised hopes that tensions could ease, putting downward pressure on crude prices after recent gains driven by fears of prolonged disruptions to energy flows through the Strait of Hormuz. Pakistan is currently mediating indirect talks between the US and Iran aimed at resolving the Middle East conflict.
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