Oil prices are falling amid negotiations between the US and Iran.

At 8:40 am (Brasilia time) this Monday (22), the August contract of WTI crude oil recorded a moderate drop of 0.82% in New York Mercantile Exchange (Nymex), quoted at US$75.23/barrel. The contract for the same month for the Brent It fell 0.89% in Intercontinental Exchange (ICE), trading at US$79.05/barrel. 

In the last trading session (18), WTI fell 0.21%, to US$ 75.85/barrel. On the other hand, Brent closed with a gain of 0.38%, at US$ 79.85/barrel. 

This morning, fuel prices were pressured by investor reaction to the progress of negotiations between the United States and Iran, aimed at ending hostilities in the Middle East and resuming the flow of production from the Persian Gulf.

US Vice President JD Vance stated that progress has been made on the agreement with Iran and that the Strait of Hormuz is open. According to Reuters, officials from both countries concluded the first round of negotiations in Switzerland early this morning. 

This scenario led the United Arab Emirates, Kuwait, and Iraq to announce to their clients that they would increase oil production last week. According to Iraqi Deputy Energy Minister Ali Maarij Al-Bahadly, the country plans to gradually restore supply to between 4.2 million and 4.3 million barrels per day (bpd).

This text was translated by machine from Brazilian Portuguese.