[International Oil Prices] Down More Than 2% on Hopes for U.S.-Iran Talks; WTI Plunges 8% for the Week

[Financial News]  

International oil prices fell by more than 2% on the 25th (local time) amid hopes that the United States and Iran will negotiate over reopening the Strait of Hormuz.
The decline came after Iranian Foreign Minister Abbas Araghchi said the previous day that he had offered the United States a seven-day reopening of the Strait of Hormuz while speaking to reporters at the UN General Assembly.
Brent crude oil for November delivery, the benchmark for international oil prices, settled down 2.13% at $104.32 a barrel.
West Texas Intermediate crude oil (WTI) for November delivery, the U.S. benchmark, also fell 2.33% to settle at $92.41 a barrel.
On a weekly basis, Brent crude oil was little changed, while WTI plunged 7.9% after its front-month contract rolled from October to November during the week.
According to CNBC, Iranian Foreign Minister Abbas Araghchi said Iran would reopen the Strait of Hormuz for one week if the terms of a memorandum of understanding (MOU) provisionally agreed with the United States in June were accepted. Araghchi said Iran was awaiting the United States' response.
Iran's conditions are that hostilities end within seven days on all fronts, including Lebanon; the blockade of Iranian ports be lifted; and sanctions on Iran's frozen funds and crude oil be removed.
Araghchi argued, "It would be much better if an agreement were reached before the (U.S.) midterm elections, but that is for the U.S. administration to decide," adding, "We are in no hurry."

[email protected] Song Kyung-jae Reporter