Oil prices traded lower this Wednesday, after the market reacted to signs of progress in the indirect negotiations between the United States and Iran. The possibility of a reduction in tensions in the Middle East reduced fears of disruptions in the global oil supply, putting pressure on international prices.
WTI (West Texas Intermediate) oil, the benchmark in the United States, fell 1,33%, trading at US$ 67,67 per barrel. Brent, the main global benchmark, fell 1,12%, reaching US$ 70,77 per barrel.
In addition to the daily decline, Brent ended the quarter with accumulated losses of close to 40%, according to LSEG data. The performance represents the commodity's worst quarterly result since 2020, a period marked by the strong impacts of the pandemic on global energy demand.
Part of the movement was driven by statements from the current president of the United States, Donald Trump, who commented on the progress of the talks with Iran held in Qatar.
“Iran's denuclearization is progressing well,” Trump said. “They had very good meetings and we will see what happens.”
The negotiations began in Doha and are taking place indirectly, with representatives of the two countries using Qatari mediators. The United States special envoy, Steve Witkoff, and Jared Kushner are participating in the talks without in-person meetings with Iranian authorities.
The resumption of diplomatic dialogue comes just days after a new military escalation. Over the weekend, attacks involving commercial vessels increased investor concern about possible impacts on oil production and transportation in the region.
With the continuation of the negotiations, the market began to reduce part of the risk premium that had been incorporated into commodity prices. ING analysts say expectations are growing for the normalization of oil supply coming from the Persian Gulf, even after the recent clashes.
Another factor being watched by investors is the gradual recovery of navigation through the Strait of Hormuz, one of the most important maritime routes for oil exports in the world.
According to ING estimates, about 11 oil tankers made the crossing through the region on Tuesday, a number below the peak of 24 vessels recorded the previous week. Even so, the increase in the flow of ships entering the Persian Gulf indicates greater confidence among maritime transport companies.
For the cryptocurrency market, the drop in the price of oil is also being closely watched. Movements in energy commodities usually influence expectations for inflation, monetary policy, and global liquidity, factors that can impact the performance of Bitcoin and other cryptocurrencies in financial markets.