Oil falls after sign of mediation between US and Iran

Ship in the Strait of Hormuz this Tuesday, July 21st. Stringer / Reuters Oil prices fell this Tuesday (21) after signs emerged of possible mediation between the United States and Iran to try to contain the escalation of the war. Even with new attacks recorded in the last few hours, investors reacted to the information that mediators presented a proposal for a ten-day ceasefire between the two countries. During the night, Brent oil, a global reference, fell 0.9%, to US$88.44 per barrel (around R$450.05). In the United States, WTI, used as a reference in the country, fell 0.9%, to US$82.50 per barrel (around R$419.82). According to Reuters, an Iranian official said Tehran had received a proposal for a temporary 10-day ceasefire in an attempt to preserve the memorandum of understanding signed on June 17. The provisional agreement was intended to pave the way for a broader understanding that would end the war that began on February 28. ING analysts interviewed by Reuters stated that the market views the possibility of a de-escalation of the conflict with caution, but also with hope. However, they highlighted that significant differences persist between Washington and Tehran and that negotiations are likely to face obstacles. The bank also recalled that US President Donald Trump promised to retaliate after the deaths of American military personnel in recent attacks.