The Brent oil barrel, which this Tuesday surpassed 90 dollars for the first time since late July, turned downward after the encouraging message from Pakistan about the possibility that the United States and Iran could soon reach "some kind of agreement" regarding the Strait of Hormuz.
The benchmark crude in Europe reached a high of 90.03 dollars early in the morning, its highest level since July 31, driven by the demands for compensations to Iran that had been raised by the US President, Donald Trump. However, the information coming from Pakistan about a possible understanding caused a shift in the market, so that Brent fell by 2.6% from that high, to 87.68 dollars, slightly below Monday's close.
In parallel, the West Texas Intermediate (WTI) barrel, the benchmark in the United States, was trading at 81.87 dollars, which represents a decrease of 0.3% compared to the previous session's close and a cut of 3.2% from the intraday high of 84.61 dollars recorded during the day.
The downward movement in crude prices is attributed to the statements of the Defense Minister of Pakistan, who assured that Washington and Tehran are "close to some kind of agreement" regarding the Strait of Hormuz.
"Things are heading in favor of peace," stated Khawaja Asif before the media in Islamabad this Tuesday, without providing additional information on possible concrete advances.
One day earlier, Donald Trump had expressed his willingness to demand "compensation" from Iran for "all" the people they have "killed and injured" and for the "numerous" conflicts in which, according to him, the Iranian authorities are involved, which had pressured oil prices upward due to fears that any agreement regarding Hormuz could become complicated again.