Global Oil Prices Plummet for Third Day on Optimism Over US-Iran Talks; WTI Falls to $79

Global oil prices plummeted for the third consecutive session on the 28th, local time, driven by sustained US halts on airstrikes against Iran and growing optimism over the resumption of talks.

On this day, the September settlement for Brent crude futures on the ICE Futures exchange plunged 4.8% from the previous session to close at $84.09 a barrel.

On the New York Mercantile Exchange, the September delivery for West Texas Intermediate (WTI) fell 4.1% from the previous session to finish at $79.26 a barrel.

Global oil prices have continued their sharp decline for three trading days since the 24th, with Brent crude hitting its lowest level in about two weeks since July 13.

Over the three-day span, the drop in Brent crude reached the 16% range.

In a telephone interview with Fox News on the same day, US President Donald Trump said, "Iran will say they didn't come out and discuss nuclear matters, but that's what our discussions are all about," adding, "We've had very good talks."

However, President Trump repeatedly threatened that if an agreement is not reached, critical infrastructure such as bridges and power plants would be extensively bombed.

Meanwhile, Reuters reported that Oman recently proposed to Iran the establishment of a joint management system for the Strait of Hormuz, which includes voluntary toll collections.

Oman reportedly proposed managing vessel navigation in the Strait of Hormuz through two separate routes.

Kazem Gharibabadi, Iran's deputy foreign minister, said in an interview with Iranian state television on the same day that Iran rejected Oman's proposal for the divided management of the Strait of Hormuz.

Citing data from shipping analytics firm Kpler, Reuters reported that 28 vessels passed through the Bab el-Mandeb Strait in the Red Sea on the 27th, marking a four-day high.

In contrast, the number of ships passing through the Strait of Hormuz remained at low levels.
※ Please note: This article was translated by AI and may contain errors.