On Tuesday, oil prices finally began to decline, approaching the level of $91 per barrel after updating seven-year highs in the $94 area. The current Brent quote is $91.30 per barrel. WTI crude is trading at $89.90. The reason for the decline was the resumption of negotiations between the US and Iran, which could revive the 2015 nuclear agreement and lead to the lifting of the ban on the sale of Iranian oil. Last Friday, the administration of US President Joe Biden reintroduced measures to exempt Iran from sanctions in order to open the way for joint projects with Iran by Russian, Chinese and European companies in the field of non-proliferation of nuclear weapons. However, the Iranian foreign minister called the US move «good, but not enough.» Oil prices also fell today due to comments by French President Emmanuel Macron, who said that his meeting with Russian President Vladimir Putin helped prevent the worsening of the crisis in Ukraine. Recall that earlier both oil contracts (Brent, WTI) reached multi-year peaks, which was facilitated by high global demand, ongoing tensions in Eastern Europe and possible supply disruptions due to cold weather in the United States.
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