Oil prices remain stable in the global market

Oil prices have remained almost unchanged and stable in the global market this week, amid hopes that the ongoing peace efforts between the United States and Iran will succeed. Investors and traders are seeing renewed hope as ongoing talks to conclude a permanent peace agreement between the two countries after a long period of tension and conflict have taken a positive turn.

Brent crude, known as the benchmark for the international oil market, has fallen by only 0.3 percent this week. Brent crude futures were trading at $71.76 per barrel, down 4 cents, or 0.06 percent, at 11:32 a.m. international time on Friday (June 3).

Analysts said that the volatility in the oil market since the start of the Iran-US and Israel war has largely subsided with the progress of peace talks. Oil prices have fallen to a level not seen since the war began this week. Market conditions remain calm without major fluctuations as there is a strong possibility of reaching a permanent agreement through negotiations.

Source: Al Jazeera.