Oil Prices Fall Below $100 After Reports of U.S.-Iran Talks

U.S. and Iran was imminent. Brent crude fell below $100 for the first time in several days. U.S. blockade in the Strait of Hormuz would remain in place. Negotiations with Iran were proceeding in an orderly and constructive manner, he told media over the weekend.

Com warned that around 14 to 15 million barrels per day of supply have been disrupted. They noted that inventories are falling rapidly. The International Energy Agency cautioned that oil markets could enter a red zone by July or August. Energy experts pointed to years of weak investment in new supply combined with the prolonged Hormuz disruption.

Com reported that some analysts expect Brent crude to remain well above $100 per barrel for years. They described the current situation as uncharted territory for oil markets.