International Oil Prices Rise as Follow-up U.S.-Iran Talks Are Delayed... Down Nearly 10% for the Week

[Financial News]  

International oil prices rose slightly on the 19th local time.
The gain came after follow-up talks between the United States and Iran, which had been scheduled to take place in Switzerland, were postponed.
Still, prices fell sharply over the week as a whole.
Brent Crude Oil for August delivery, the global benchmark, closed up $0.72, or 0.90%, at $80.57 per barrel from the previous session.
The U.S. market was closed for Juneteenth.
For the week, Brent Crude Oil plunged 7.74%, while West Texas Intermediate crude oil (WTI), the U.S. benchmark, tumbled 9.75%.
The follow-up talks in Switzerland were disrupted after Israel continued airstrikes on Lebanon even after the United States and Iran signed a Memorandum of Understanding (MOU) to end hostilities.
Iranian Foreign Ministry spokesman Esmail Baghaei said the Switzerland meeting scheduled for the 19th had been postponed and added that the talks would be held within the next few days.
The clashes between Israel and Hezbollah, which Iran cited as the reason for the delay, have already eased.
U.S. officials said both sides had agreed to a ceasefire, adding that the truce between Israel and Hezbollah took effect at 9 a.m. Eastern Time on the same day.

[email protected] Song Kyung-jae Reporter