International Oil Prices Fall Amid Active Diplomacy

International oil prices saw a downward trend. On July 24 (local time), West Texas Intermediate (WTI) crude futures for June delivery closed down 1.51% at $94.40 per barrel on the New York Mercantile Exchange. On the same day, Brent crude futures for June delivery closed down 0.25% at $105.33 per barrel on the ICE Futures Exchange.

On a weekly basis, WTI and Brent crude prices rose 13% and 16%, respectively. The international crude oil market fluctuated based on reports related to US and Iranian contacts aimed at a ceasefire and truce, even as the Strait of Hormuz remained unstable.

International oil prices surrendered earlier gains following reports of US and Iranian delegations traveling to Pakistan for negotiations. Reports emerged that Steve Wittkopf, the US envoy for Middle East affairs, and Jared Kushner were heading to Pakistan for talks with Iran. Pakistan's Foreign Ministry announced that Abbas Araghchi, Iran's Deputy Foreign Minister, had arrived in Islamabad. Iran's state broadcaster IRIB, reporting on Araghchi's arrival in Islamabad, stated that no meetings with the US side were scheduled during this visit. The US negotiating team announced it was scheduled to depart for Pakistan on July 25 (local time).