Oil prices oil were down more than 5% in early trading in Asian markets today, against the backdrop of expectations that the governments of the US and Iran will sign an agreement to end the war.
However, US President Donald Trump appeared to temper expectations of an immediate agreement, saying in a post that he had instructed his representatives not to rush the process, claiming that “time is on our side”.
As of 02:10 (GMT), the price of a barrel of North Sea Brent, the international benchmark variety, was down 5.14 percent at $98.22, while that of a barrel of West Texas Intermediate (WTI) was down 5.21 percent at $91.57.
In a post on the Truth Social platform, Donald Trump said the blockade of Iranian ships on Hormuz Strait will remain in full force “until an agreement is reached, ratified and signed,” adding that “both sides need to take their time and get it right.”
He yesterday set an exclusive condition for reaching a deal with Tehran that Iran abandon its nuclear program.
