Brent falls amid negative backdrop of US-Iran talks

Oil prices on Tuesday morning are showing a decline after a sharp rise at the close of the previous trading session, which was driven by concerns over a possible collapse of US-Iran negotiations, Report informs via Interfax.

The price of June Brent crude futures on the London ICE Futures exchange as of 9:14 am Baku time (GMT+4) is declining by $1.19 (1.25%), to $94.29 per barrel. At the close of Monday, the contract rose by $5.1 (5.64%), reaching $95.48 per barrel.

WTI futures for May delivery on the electronic trading platform of the New York Mercantile Exchange (NYMEX) had fallen by that time by $1.02 (1.14%), to $88.59 per barrel. At the close of the previous session, the price of these contracts rose by $5.76 (6.87%), to $89.61 per barrel.

Over the past weekend, Iran once again imposed a blockade of the Strait of Hormuz, while the American military intercepted a cargo ship sailing under the Iranian flag in the Gulf of Oman. In addition, US President Donald Trump once again declared the United States' readiness to strike Iranian bridges and power plants if a conflict resolution agreement is not reached. These events heightened fears that the parties will fail to agree on extending the truce, which expires on April 22.