Oil prices fall over 5pct on hopes for Iran deal

TOKYO: Oil prices plunged over five per cent and Asian markets ticked up early on Monday on hopes of a deal to end to the US-Iran war despite President Donald Trump downplaying its imminence.

As of around 2300 GMT Sunday, the price of North Sea Brent crude slipped 5.1 per cent to US$98.22 per barrel, while West Texas Intermediate fell 5.2 per cent to US$91.57 a barrel before recovering slightly.

Japan’s Nikkei share index rose more than 2.5 per cent as of around 0030 GMT. Sydney crept slightly higher, while Hong Kong and Seoul were closed for public holidays.

Trump tempered expectations of an agreement to end the war, saying in a Sunday social media post that he had “informed my representatives not to rush into a deal in that time is on our side”.

The conflict erupted after the United States and Israel attacked Iran on Feb 28, and the Islamic republic responded with missile and drone attacks across the region.

The United States and Iran have observed a ceasefire since April 8 while mediators push for a negotiated settlement, although Tehran has imposed controls on Gulf shipping and Washington has blockaded Iran’s ports.

© New Straits Times Press (M) Bhd

المصدر: New Straits Times