Oil fell due to the surprise news

The news agency Bloomberg reports, referring to information from the Iranian media, that the United States has suggested that it could temporarily allow Iran to sell its oil.

It is hoped that the temporary easing of oil sanctions will speed up peace negotiations to end the war.

The news was reflected in the market as a drop in the price of Brent crude oil from around 111 dollars to around 109 dollars per barrel, although the price soon rose again to around 110 dollars.

Restrictions on Iran’s oil trade began already in the early 2010s and were strengthened by the US president Donald Trump’s during the first presidential term.

Now the United States is reportedly ready to relax these economic sanctions until a final peace agreement is reached.

The tough talk continues

At the same time, Trump has continued his tough talk. He warned over the weekend that Iran’s time is running out and the country must act quickly or “there will be nothing left of them.”

Despite this, diplomatic efforts continue. The Iranian regime confirmed on Monday that it is still negotiating with the United States using Pakistan as an intermediary.

Overall, oil has become more expensive in recent months. The price has risen more than 50 percent since the US and Israel launched their first attacks on Iran at the end of February.

The fact that the Strait of Hormuz, which is vital to the world’s oil trade, has been partially closed is driving up prices.

This has prevented Middle Eastern oil from reaching the world. One of the world’s largest investment banks Morgan Stanley warns that the rise in oil prices may continue if the Strait of Hormuz remains blocked until June.