Oil prices fell sharply on Wednesday morning.

At 9:15 am (Brasilia time) this Wednesday (27), the July contract of WTI crude oil recorded a significant drop of 3.40% in New York Mercantile Exchange (Nymex), quoted at US$ 90.70/barrel. The August contract for Brent It fell 2.68% in Intercontinental Exchange (ICE), traded at US$ 96.91/barrel. Yesterday (26), the WTI It fell 2.81%, to US$93.89/barrel, while the Brent Oil advanced 3.58%, to US$ 99.58/barrel. This morning, the market is assessing progress in peace negotiations between the United States and Iran, amid the possibility of renewed hostilities. Earlier this week, the US carried out new attacks against southern Iranian territory. Tehran, in turn, declared that it had shot down a US drone in the Persian Gulf and threatened to attack US bases in the Middle East. Despite the recent hostilities, investors believe there is progress and efforts on both sides to end the conflict, given the increasing number of ships that are beginning to transit through the Strait of Hormuz. After the conclusion of negotiations, the American Petroleum Institute will release its weekly data on US fuel stocks – the result is considered a preview of the official figures from the Energy Information Administration (EIA), which will be released tomorrow (28).

This text was translated by machine from Brazilian Portuguese.