Oil Prices Retreat On Hopes For Middle East Peace

(MENAFN- Yolo Wire) Crude oil prices are in retreat and back below $100 U.S. a barrel as hopes grow for a lasting peace deal between the U.S, Israel and Iran.

West Texas Intermediate (WTI) crude oil, the U.S. standard, is down 3% and trading at $95.84 U.S. per barrel on April 14 after touching $105 U.S. the day before.

Brent crude oil, the international standard, is now trading at $97.94 U.S. per barrel. However, oil prices remain volatile and are prone to big swings based on events related to the Iran war.

The current decline in crude prices comes amid rising hopes that fighting between the U.S., Israel and Iran will stop for good and a lasting peace deal will be reached.

At the same time, the International Energy Agency (IEA) has forecast that "demand destruction will spread" amid growing supply scarcity and higher average prices.

The Iran war has already led to the greatest disruption to oil supplies in history, and the largest-ever monthly price increase in March of this year, says the IEA.

The IEA's latest forecast indicates that global oil demand could contract by the greatest amount since the onset of the Covid-19 pandemic.

The new forecast comes as U.S. President Donald Trump signals he is open to a permanent ceasefire with Iran, though he cautions that Iran's nuclear program remains a sticking point.

The current pullback in crude oil prices has led to a rally in stocks and cryptocurrencies around the world as investors pile back into risk assets.

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