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The price of oil saw a sharp decline in international markets this Tuesday, after United States President Donald Trump kept the possibility of starting talks with Iran open amid the current military escalation in the Middle East.
The signal of a possible dialogue temporarily eased tensions among investors and caused a sharp correction in oil prices, which had been rising sharply due to fears of a supply crisis.
One of the key indicators for measuring the price of oil in the world is Brent. This type of crude oil is mainly extracted from the North Sea and serves as a benchmark for setting the price of approximately two-thirds of the oil traded internationally.
Its pricing is closely monitored by governments, energy companies, and financial markets because it reflects the global situation of energy supply and demand.
After exceeding 120 dollars per barrel during Monday's session, the Brent fell by more than 10% on Tuesday, dropping below 90 dollars.
West Texas Intermediate (WTI), the benchmark for the U.S. market, also experienced declines of nearly 11%, specifically 10.8%.
On the other hand, there was also a decline in gas prices. The European benchmark, the TTF contract traded in the Netherlands, has dropped by 16% to 47 euros per megawatt hour.
The shift in the markets occurred after Trump stated in an interview with Fox News that it is possible to engage in talks with Iran, although he conditioned any negotiations on the terms set by Tehran.
"I have heard that they are very eager to talk," the president pointed out.
On Monday night, Trump issued one of his sternest warnings against Iran, threatening a devastating military response if the country attempts to block the Strait of Hormuz, one of the most important routes for global oil transportation.
All these statements come amid the joint military operation of the United States and Israel against Iranian targets, an offensive that Washington has justified as a measure to curb the nuclear program of the Islamic Republic.
Despite the recent drop in oil prices, analysts warn that volatility will continue to dominate the energy market as long as uncertainty persists regarding the progression of the armed conflict and the security of global fuel supply.
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