International oil prices continued their decline on Wednesday, marking a two-day downward trend.
The price drop was attributed to two key factors: the announcement by Oman’s foreign minister that the U.S. and Iran would hold their fifth round of nuclear negotiations in Rome on Thursday, and reports of increased U.S. weekly oil inventories.
Oil prices had previously fallen for two consecutive days until May 15, following U.S. President Donald Trump’s remarks suggesting an imminent nuclear deal. However, they rebounded on May 16 after a two-day slump when the Iranian Foreign Ministry denied these claims, and continued to rise for two trading days until May 19.
After a slight dip the previous day as markets monitored the situation, oil prices fell by over 0.7% on news of renewed negotiations between the U.S. and Iran.
Early trading saw a sharp increase due to reports of Israel preparing to strike Iranian nuclear facilities, but prices ultimately reversed course and declined.
Brent crude, the international oil benchmark, settled at 64.91 USD per barrel for July delivery, down 0.47 USD (0.72%) from the previous session.
The U.S. benchmark, West Texas Intermediate (WTI), saw its July contract, which became the near-month standard, close at 61.57 USD per barrel, a decrease of 0.46 USD (0.74%).
