Oil prices are declining again after nearly hitting $100 per barrel. The market's fears of supply disruptions have eased amid reports of possible US-Iran negotiations and the resumption of oil shipments through the Caspian Pipeline Consortium (CPC), reports infohub.kz.
Just a week ago, Brent crude was approaching $100 per barrel, according to Investing.com, but has since started to fall. Currently, the commodity is trading around $84 per barrel, according to Investing.com.
The earlier price surge was driven by an escalation of military conflict between the US and Iran. However, market participants have now reduced their concerns about supply disruptions from the Middle East. Analysts attribute this to reports of possible renewed talks between Washington and Tehran, which have lowered tensions and investor fears.
An additional factor in the price decline is Kazakhstan's resumption of oil shipments through the CPC after recent disruptions. The consortium had previously reported a drone attack on a maritime terminal, halting loading. On July 20, the tanker "NELSA," which was being loaded at the CPC terminal, also came under attack: a drone strike caused a fire on the vessel.