Fresh diplomatic signals from Tehran and Washington have raised cautious optimism about a potential deal to de-escalate tensions around the Strait of Hormuz and end the war.
Oil prices extended their decline on Wednesday, as cautious optimism over a possible resumption of US-Iran talks eased immediate supply fears, even as underlying risks from the ongoing conflict continued to cap losses.
Talks aimed at ending the Iran war could resume in Pakistan within the next two days, US President Donald Trump said on Tuesday, raising cautious hopes for a breakthrough even as a fragile ceasefire nears its expiry in the coming days.
Oil prices fell below $100 a barrel this morning (April 14) over signs of new US-Iran dialogue to end their war. Brent crude was at $97.8 in early trade, while US WTI crude was at $96.83.
Iran expects to restore most damaged refining and distribution facilities to 70–80 per cent of their pre-attack capacity within one to two months, a senior oil official said, as authorities work to recover from a wave of strikes on energy infrastructure.
Israel's war with Iran incurred 35 billion shekels ($11.52 billion) in budgetary expenses, with 22 billion shekels of that going to defence, the Finance Ministry said on Sunday, citing a preliminary estimate.
US President Donald Trump on Sunday announced that the US Navy would immediately begin blockading the Strait of Hormuz, sharply escalating tensions after marathon talks with Iran collapsed without a deal to end the war, leaving a fragile two-week ceasefire hanging in the balance.
The US and Iran failed to reach an agreement after marathon 21-hour talks in the Pakistani capital Islamabad throwing the two-week Middle East ceasefire into doubt.
All eyes are on Pakistan's capital Islamabad as it hosts what are being described as “make-or-break” talks between the United States and Iran on Saturday, even as doubts persist over their prospects amid sharply divergent positions, ongoing violence in Lebanon, and renewed warnings from Donald Trump of intensified military action if diplomacy fails.
Iran continued its near-total blockade of the Strait of Hormuz despite US President Donald trump saying Tehran must allow oil to go through the waterway.
