Tehran (Commerce Desk) Due to expectations of progress in negotiations between Iran and the United States, a decline in oil prices has been recorded in the global market.
August contracts for Brent crude oil fell by 75 cents, or 1.03 percent, to 72.40 dollars per barrel, while September contracts declined by 40 cents, or 0.54 percent, to 73.51 dollars per barrel.
American West Texas Intermediate crude oil also fell by 47 cents, or 0.66 percent, to 70.32 dollars per barrel.
According to market analyst Tim Waterer, investors are pricing oil based on expectations of positive outcomes from the Doha negotiations; however, clear signs of the complete restoration of oil shipments through the Strait of Hormuz have not yet emerged.
He said that the global market remains cautiously optimistic, but investors are maintaining a careful strategy until concrete evidence of a genuine reduction in regional tensions becomes visible.