Oil prices dropped sharply in early Asian trading on Monday after United States President Donald Trump said Washington would restart new negotiations with Iran to end the war in the Middle East and reopen the strategic Strait of Hormuz.
The development sent the international oil market lower as investors reacted to the possibility of a diplomatic solution to the conflict and the reopening of the major shipping route .
International benchmark Brent crude for September delivery fell 4.69 per cent to $83.81 a barrel around 2250 GMT Sunday.
The US benchmark West Texas Intermediate fell 4.67 per cent to $80.72 per barrel.
The latest rise in oil prices followed Trump’s announcement on Sunday that fresh talks with Iran would begin on Monday, according to reports.
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The President said he had postponed major military strikes against Iran to seek a diplomatic solution to the conflict.
“And what we’re doing now is we’re negotiating with them. “It’s starting tomorrow afternoon,” Trump said.
He did not say, however, where the negotiations would be held or who would participate.
The war, which broke out in late February after the United States and Israel attacked Iran, has made the global oil market very volatile.
The conflict has effectively disrupted the Strait of Hormuz, one of the world’s most important transit routes for the movement of crude oil and natural gas.
The waterway is vital to the world’s energy supplies and any lengthy interruption has sparked fears of possible shortages and more expensive fuel globally.
Iran meanwhile said on Sunday it was nearing an agreement with Oman on a new route through the Strait of Hormuz.
The announcement came hours after the United States canceled major planned strikes against Iran as diplomatic efforts to settle the conflict gained momentum.
A possible reopening of the strategic waterway or the creation of an alternative route could ease pressure on global energy supplies and further influence oil prices in the coming days.
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