The price of a barrel of oil is also falling, falling below 100 dollars. In recent days, Iran and the United States have announced that they have made significant progress towards resolving the conflict.
European stock markets opened in the green on Monday, benefiting from the fall in oil prices caused by hopes of concluding an agreement ending the war in the Middle East. In early European trading, the Paris Stock Exchange gained 0.98%, the Frankfurt Dax index gained 1.17% and Milan rose 0.99%. The London Stock Exchange was closed due to a public holiday. “Markets began this holiday-short week with traders finally watching the war clouds begin to dissipate.”above the Strait of Hormuz »a strategic passage through which 20% of the world’s oil and liquefied natural gas (LNG) transited before the conflict, underlined Stephen Innes, manager of SPI AM.
The United States said on Monday it was still on the verge of reaching an agreement “solidly” with Iran, after Donald Trump had tempered the day before hopes of an imminent agreement to put a lasting end to the war in the Middle East. “We have what I believe is a pretty solid thing on the table in terms of their ability to open the strait.” of Hormuz, but also “to enter into negotiations” on Iranian nuclear power, declared American Secretary of State Marco Rubio in New Delhi.
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In the event of an agreement between Iran and the United States, fuel prices will take time to fall
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Liberate the Strait of Hormuz
A ceasefire has been in force since April 8 between Iran and the United States, but the world economy continues to be shaken by the virtual blockade of the Strait of Hormuz at the initiative of Iran for almost three months. “The first signs of clearing appear after weeks spent navigating a geopolitical hurricane”estimated Stephen Innes. Investors start “to integrate the possibility that the most dangerous energy crossing point in the world could soon return to close to normal operation”a-t-il noté.
In reaction to the latest developments, oil prices fell sharply on Monday, with the two world crude benchmarks now moving below the $100 per barrel mark. The session should be marked by lower volumes due to the public holiday.
