Oil prices fall more than 3%, with Brent crude closing below $88 a barrel again.

The July contract of WTI crude oil negotiated in New York Mercantile Exchange (Nymex) closed this Friday (12) with a significant drop of 3.23%, quoted at US$ 84.88/barrel. The August contract of Brent fell 3.37% in Intercontinental Exchange (ICE), trading at US$87.33/barrel. For the week, futures accumulated losses of 6.25% and 6.19%, respectively. 

In this trading session, fuel prices were pressured by the market's reaction to recent progress in peace negotiations in the Persian Gulf, after officials from the United States and Iran stated that a treaty is about to be formalized. 

Iranian Foreign Minister Abbas Araghchi stated that a memorandum of understanding in Islamabad, ending hostilities in the region, “has never been closer.” The Persian official's statement was reposted by US President Donald Trump. 

A source close to Reuters reported that a ceasefire memorandum between the US and Iran is expected to be signed this Sunday (14), with authorities from both countries meeting in Geneva, Switzerland.

This text was translated by machine from Brazilian Portuguese.