Crude oil prices climbed to 107 dollars per barrel on Monday, up from 104 dollars, before easing to 105 dollars as Qatar moved to facilitate fresh talks between the United States and Iran over the conflict and the reopening of the Strait of Hormuz.
Reuters reported that Qatari mediators were expected to hold separate discussions with Iranian Foreign Minister Abbas Araqchi in New York and the US side on Monday or Tuesday. The talks were expected to focus on an amended version of a seven-day proposal presented by Iran on the sidelines of the United Nations General Assembly.
Iran’s semi-official ISNA news agency confirmed that Araqchi would meet the mediators to discuss proposals for resolving the conflict. Iran’s plan calls for an end to hostilities in Iran and Lebanon, the unfreezing of billions of dollars in Iranian assets, the removal of sanctions on Iranian oil and the lifting of the US blockade on Iranian ports. In return, Tehran would allow the Strait of Hormuz to reopen and resume negotiations with Washington over its nuclear programme.
US President Donald Trump rejected the initial proposal on Saturday, but told Axios on Sunday that US negotiators were expected to hold further talks with Tehran during the week. Araqchi had earlier said Iran had not received an official communication confirming Washington’s rejection of the proposal.
The Strait of Hormuz has faced major disruption since the conflict began on February 28 following US and Israeli strikes on Iran. The situation has raised concerns over global oil supplies and contributed to volatility in crude prices.
As of press time, it had not been confirmed whether the proposed talks had taken place, due to the time difference between Nigeria and New York.
Source: PUNCH
