Oil Prices Dip amidst Excess Supply Concerns
Oil prices declined over excess supply concerns in the global commodity market, boosted by optimism about a potential nuclear deal between Iran and the US.
International benchmark Brent crude fell by around 0.09%, trading at $64.18 per barrel, down from $64.24 at the previous session’s close. Similarly, US benchmark West Texas Intermediate (WTI) declined by about 0.21%, settling at $61.08 per barrel, compared to $61.21 in the prior session.
Oversupply concerns continued to weigh on the market as the US reportedly proposed a new nuclear deal to Iran during the fourth round of negotiations.
According to press reports citing American and Iranian officials, the Trump administration formally presented Iran with a written nuclear proposal – a significant development in the ongoing diplomatic efforts.
US envoy Steve Witkoff delivered the document during Sunday’s talks in Oman, Axios reported. It marked the first written offer since negotiations began in early April, US officials confirmed.
Iranian Foreign Minister Abbas Araghchi received the proposal and returned to Tehran to consult with Supreme Leader Ayatollah Ali Khamenei, President Masoud Pezeshkian, and other senior officials.
Speaking in Saudi Arabia on Tuesday, US President Donald Trump called the proposal “an olive branch” but warned, “this is not an offer that will last forever. The time is right now for them to choose.”
Peace talks between Russia and Ukraine have also remained in market focus. As part of the critical Russia-Ukraine peace talks in Istanbul, trilateral meetings between Türkiye, the US, and Ukraine, as well as Türkiye, Russia, and Ukraine, are scheduled for Friday.
Meanwhile, despite the recent decline, oil prices remain on track for a second consecutive weekly gain, supported by easing trade tensions between the US and China. Naira Rallies Market-Wide in Absence of FX Pressures
