At 1:40 PM Vietnam time, North Sea Brent crude oil prices fell $1.11, or 1.0%, to $110.17 per barrel. At the same time, West Texas Intermediate (WTI) crude oil prices fell $1.12, or 1.1%, to $103.03 per barrel.
Commenting on this development, Emril Jamil, senior oil research analyst at LSEG Group, noted that oil prices have cooled down ahead of the possibility of an agreement being reached. However, Jamil also noted that even if an agreement is signed, oil prices are likely to continue rising because supply may not immediately return to pre-conflict levels.
Earlier, in the May 19 trading session, both benchmark oil prices fell by nearly $1 per barrel after US Vice President JD Vance said that the US and Iran had made progress in negotiations, while affirming that neither side wanted a recurrence of military action.
Regarding market sentiment, analyst Toshitaka Tazawa at Fujitomi Securities said investors are eager to assess whether the U.S. and Iran can truly find common ground to reach a peace agreement, especially given the U.S. stance, which changes daily.
Mr. Tazawa predicted that oil prices would tend to remain high due to the possibility of the US restarting attacks on Iran, along with the expectation that crude oil supplies would not quickly recover to pre-war levels even if a peace agreement is reached.
Citibank forecasts that Brent crude oil prices could rise to $120 per barrel in the short term. The financial institution believes that the market is underestimating the risk of prolonged supply disruptions as well as other serious, widespread risks.
Source: https://vtv.vn/gia-dau-noi-dai-da-giam-100260519160956165.htm
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