Oil prices have dropped after United Sates (US) President Donald Trump downplayed the likelihood of new strikes on Iran, though attacks on ships near the Strait of Hormuz kept supply concerns in focus.
Brent fell 1.5% to $96.91 a barrel, while US West Texas Intermediate fell 1% to $89.85 a barrel.
Brent fell 16% last week, the steepest weekly drop since the start of the COVID pandemic.
Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm has said the market appears to be pricing in a relatively optimistic scenario of de-escalation, even though a comprehensive agreement between Washington and Tehran has yet to materialise.
–Channel Africa–
