Reducing, prices are falling as fears over supply diminish with Iran and the United States
-
Salma Hossein
- . April 21, 2025
- . Update: April 21, 2025 5:45 pm
Oil prices fell below $66 per barrel by 1.5%. Oil prices in Asia dropped by more than 1% in early Monday trading and now feel that the conclusion of talks between the U.S. and Iran on the nuclear program have eased supply worries around the world. The perception that Iranian oil will soon be back in the market prompted aggressive selling by concerned traders.
Brent dropped 1.5% to $66.94 a barrel, while U.S.-West Texas Intermediate (WTI) fell 1.52% to $63.70. The surge in trading volume made it challenging to analyze due to several holidays over the Easter days in various nations.
Oil prices have been declining over the month and recently hit the four-year low due to gross fears that crude demand may be affected worldwide because of rising tensions with China, one of its major trading partners. Besides that, OPEC‘s unexpected decision to push more production of oil than ever has added serious oversupply concerns.
On diplomacy, Iran’s Foreign Minister has stated that a roadmap is being worked on by both sides toward a possible nuclear deal. Plus, the U.S. Government was satisfied with the meeting. Talks are expected to continue in Oman on Wednesday and may succeed in contractor oil exports from Iran shortly.
In unrelated news, the Ukrainian President, Mr. Zelenskyy, suggested that the truce be held for 30 days, and an Easter pause on long-range missiles and drones. The ceasefire violations exceeded 2000, and both Russia and Ukraine accused each other of violating the peace.