Global Oil Prices Drop Amid Middle East Tensions and Pre-Iran Talks - Jordan News
Oil prices fell on Thursday, giving up some of the gains made earlier in the Asian trading session as markets digested the U.S. decision to withdraw some personnel from the Middle East ahead of planned talks with Iran over its nuclear activities. اضافة اعلان Brent crude futures dropped by 49 cents (0.7%) to $69.28 per barrel as of 06:30 GMT, while U.S. West Texas Intermediate (WTI) fell 41 cents (0.6%) to $67.74 per barrel. Both benchmarks had risen over 4% in the previous session, reaching their highest levels since early April. U.S. President Donald Trump stated that the U.S. is relocating staff because the Middle East "could be a dangerous place," affirming that Washington would not allow Iran to develop a nuclear weapon. Iran, however, insists its nuclear activities are peaceful. The heightened tensions have increased fears of potential oil supply disruptions, especially with upcoming U.S.-Iran nuclear talks scheduled for Sunday. Vivek Dhar, Director of Mining and Energy Research at Commonwealth Bank of Australia, noted: 'Some of the rally that pushed Brent above $70 was likely overdone. The U.S. hasn't identified any direct Iranian threat.' He added that Iran's response would depend on any U.S. escalation, stating: 'The price correction makes sense, but a geopolitical risk premium is likely to keep Brent above $65 until the outcome of the talks becomes clear.' U.S. and Iraqi sources told Reuters that Washington is preparing for a partial evacuation of its embassy in Iraq, and will allow families of U.S. military personnel to leave various sites in the Middle East, including Bahrain, due to rising security concerns. Iraq is OPEC's second-largest oil producer after Saudi Arabia. Kelvin Wong, Chief Market Analyst at OANDA, said the price pullback followed a technical resistance level hit on Wednesday, with some traders speculating that Sunday's U.S.-Iran meeting might ease tensions. President Trump reiterated that if negotiations on Iran's nuclear program fail, particularly regarding uranium enrichment, the U.S. may launch military strikes. Iranian Defense Minister Aziz Nasirzadeh warned on Wednesday that Iran would retaliate against U.S. bases in the region if talks collapse and conflict ensues. U.S. Special Envoy Steve Witkoff is scheduled to meet Iranian Deputy Foreign Minister Abbas Araghchi in Amman on Sunday to discuss Iran's response to a proposed U.S. agreement.
Separately, the U.S. Energy Information Administration (EIA) reported a 3.6 million barrel drop in U.S. crude inventories last week, to 432.4 million barrels, surpassing analysts' expectations of a 2 million barrel decline.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Roya News
12 hours ago
- Roya News
Iran thanks Jordan for its stance after 'Israeli' attack
Jordan's Deputy Prime Minister and Minister of Foreign Affairs Ayman Safadi held a phone call with Iranian Foreign Minister Dr. Abbas Araghchi on Thursday, during which he strongly condemned the 'Israeli' aggression against Iran, calling it a dangerous escalation and a violation of international law. According to an official readout, Safadi reiterated Jordan's firm rejection of the attack, describing it as a 'serious breach of Iran's sovereignty' and warning that such provocations risk dragging the region into a broader conflict. He also stressed the need for collective efforts to de-escalate tensions and prevent the region from sliding into 'a new regional war that threatens both regional and global peace.' The Iranian foreign minister, for his part, thanked Jordan for its 'clear and principled stance' in condemning the 'Israeli' strikes and for rejecting any further escalation that could destabilize the region. Safadi emphasized that while Jordan continues to condemn 'Israeli' aggression and advocate for calm, it will not tolerate any violation of its own sovereignty or threats to the safety of its citizens. He made it clear that Jordan 'will not be a battlefield for any party' and will respond decisively to any breach of its airspace, whether by 'Israel' or Iran. 'This is a firm and longstanding Jordanian position,' Safadi added, 'and both Israel and Iran are fully aware of it.' The Jordanian foreign minister also stressed that de-escalation can only be achieved by addressing the root causes of conflict in accordance with international law. He reiterated Jordan's position that lasting security in the region depends on upholding the sovereignty of all states and ensuring the legitimate rights of peoples, especially the Palestinian people's right to freedom, security, and an independent state on their own land.
Roya News
12 hours ago
- Roya News
Jordanian army issues statement about potential airspace breaches
A military source stated that Royal Jordanian Air Force planes are currently conducting intensive patrols and air sorties along the border areas. These operations aim to monitor the skies and detect any attempts to breach Jordanian airspace by any party, in order to preserve the kingdom's sovereignty and ensure the safety of its citizens. Early Friday, 'Israel' launched a large-scale military offensive on Iran, striking key nuclear and military targets, including the Natanz enrichment facility. The strikes killed several top Iranian military and nuclear scientists, including IRGC commander-in-chief Hossein Salami, and Major General Mohammad Bagheri, Chief of Staff of the Iranian Armed Forces as well as scientists Tehranchi and Abbasi. Iranian Supreme Leader Ali Khamenei condemned the attack as a 'bloody and criminal act,' vowing severe retaliation. Civilian casualties were reported, with airstrikes hitting residential areas in Tehran.
Ammon
13 hours ago
- Ammon
FM condemns Israeli strike, warns of breaching Jordanian airspace
Ammon News - Jordan will not permit its territory to be utilized as a theater for conflict by any party, nor will it tolerate any infringements upon its sovereignty or threats to the security of its people from either Israel or Iran, Minister of Foreign Ayman Safadi said Friday during a telephone call with Iranian Foreign Minister Abbas Araghchi. Minister Safadi conveyed the Kingdom's condemnation of the Israeli aggression on Iran, characterizing it as a dangerous escalation, a violation of international law, and an assault on Iran's sovereignty. He affirmed that Jordan would deploy all available capabilities to counter any violation of its airspace. Safadi reiterated that Jordan's stance is resolute and recognized by both Israel and Iran. Foreign Minister Araghchi expressed appreciation for Jordan's clear position regarding the condemnation of the aggression and its rejection of escalation, which he acknowledged threatens regional security and stability. Safadi emphasized the imperative of coordinated efforts to achieve de-escalation and to safeguard the region from a potential descent into a new regional conflict, which he stated would jeopardize peace and security regionally and globally. He further articulated that de-escalation necessitates addressing all contributing factors in accordance with international law, founded upon respect for state sovereignty and the legitimate rights of nations.
