(RTTNews) – Oil prices fell sharply on Tuesday after U.S. President Donald Trump said “serious negotiations” are underway to end the war with Iran.
Brent crude futures for July delivery were down 1.6 percent at $110.30 a barrel, while WTI crude futures fell a little more than 1 percent to $103.31.
Investors pinned hopes for a U.S.-Iran ceasefire deal after Tehran reportedly sent a new peace proposal via Pakistan and U.S. President Trump said he has postponed a planned attack on Iran at the request of Qatar, Saudi Arabia and the United Arab Emirates.
Ahead of a planned meeting at White House Situation Room to discuss military options, Iran has reportedly submitted a new 14-point proposal to end the war with the U.S.
As part of a revised negotiation framework with Tehran, it was said the U.S. has agreed to temporarily suspend sanctions on Iran’s oil sector.
Trump said there was a “very good chance” Washington and Iran could reach a deal to stop Tehran from developing a nuclear weapon, adding the U.S. military has been instructed to go forward with a full, large-scale assault on Iran in the event that an acceptable Deal is not reached.
In another significant development, the United States has extended the waiver from sanctions on Russian oil stranded at sea on or before April 17 through June 17 amid the Strait of Hormuz crisis.
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