🔻 Oil Prices Fall for a Third Consecutive Day

🔻 With the opening of East Asian markets on the morning of Wednesday — the fourth of Shahrivar — the price of oil fell for the third consecutive day. Oil Brent North was traded on Wednesday morning’s Asia market at $86.27.

The price of Brent oil has fluctuated between $72 and $102 over the past month, as expectations of the United States and Iran reaching an agreement that would allow oil tankers to again freely exit the Persian Gulf have repeatedly risen and fallen.

The pause in the Iran–U.S. war over the past few weeks, which Marco Rubio, the U.S. Secretary of State, also referenced in his remarks to Axios in recent consultations with ambassadors of other countries—and said that the United States currently has no plans for new military attacks on Iran—has been cited as one of the reasons for the decline in oil prices.

At the same time, both Iran and Oman have reported progress toward the terms of an understanding to create a temporary corridor in the Strait of Hormuz, which could be good news for the oil and energy market.