International Oil Prices Close Below $100 a Barrel on Hopes for US–Iran Agreement

[Financial News]

International oil prices rose on the 13th (local time), but the gains narrowed and trading ended below $100 per barrel.
On this day, the US moved to blockade the Strait of Hormuz, yet the market was still driven by expectations that the US and the Islamic Republic of Iran (Iran) would eventually end the war.
According to CNBC, June delivery Brent Crude Oil, the benchmark for international oil prices, jumped $4.16, or 4.37%, to settle at $99.36 a barrel.
May delivery West Texas Intermediate crude oil (WTI), the benchmark for US oil prices, climbed $2.51, or 2.60%, to close at $99.08 a barrel.
As Brent Crude Oil rose more sharply that day, the market returned to normal. On the 10th, an unusual situation had persisted in which WTI traded at a higher price than Brent Crude Oil.
Oil prices surged sharply in the morning session. WTI briefly spiked to $105.63 a barrel early in the day.
However, conditions changed in the afternoon.
Donald Trump told reporters at the White House that Iran had reached out first and expressed its willingness to reach a deal.
Trump said Iran was very eager to negotiate, adding, "This morning I received a call from the appropriate people on the Iranian side."

dympna@fnnews.com Song Kyung-jae Reporter