In the morning of 21/5, U.S.'s crude oil traded around 99 dollars per barrel. Similarly, Brent's oil prices dropped over 5%, with about 105 dollars. The cost of fuel comes down by the hope that the oil supply from the Middle East can gradually return to the market.

This development occurred after President Donald Trump announced that the plan to reopen military attacks aimed at Iran to spend more time in diplomacy. This was done as recommended from American allies in the Gulf.

On 20 May, he also told reporters that Washington was in the "final period" of the negotiations with Iran.

The President of the United States has repeatedly expressed the optimism of the possibility of reaching an agreement with Iran and soon ending the conflict. However, tensions between Washington and Tehran then continue to climb again.

Iran and the U.S. have been trapped for weeks as Tehran shuts down the Hormuz Channel, while Washington blocks Iran's ports. Hormuz is one of the world's most important maritime routes when about 20% of the oil supply, gas travels through this Channel.

"We believe that Iranian authorities are increasingly likely to interrupt the flow through Hormuz's waist for a period of time", Citi's analyst group remarked in the customer mail report.

According to analysis published by Wood Mackenzie on January 21, the price of oil can be a close-up of the $200 mark a barrel in the worst scenario if the Hormberg Channel continues to be closed through this year.

However, Wood Mackenzie suggested that the price of oil would be significantly reduced if the U.S. and Iran soon reached a peace agreement, enabling the Rift of Hormuz to be reopened in June. In this scenario, the cost of Brent was immediately reduced to about 80 dollars a barrel by the end of this year.

According to Trading Economics, optimistic psychology of the supply may even be reinforced by satellite data that shows three super tankers that have passed the Hormuz Channel. The experts, however, warned the fuel market to remain under stress by shipments from the Persian Gulf take nearly two months to reach the final consumption.

**Tú UK

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