Oil prices declined on Wednesday following Marco Rubio’s statement that the U.S. will offer Iran “every chance to succeed’.
West Texas Intermediate futures declined over 4% to $89.93 per barrel, while Brent dropped nearly 4% to $95.68 per barrel.
During a White House Cabinet meeting, Secretary of State Rubio said negotiations with Iran have advanced, noting that President Trump favors diplomacy but has alternative options, including renewed military strikes if diplomacy fails.
“The bottom line is that we prefer the negotiated diplomatic route and we’re going to give it every chance to succeed,” he said.
Earlier, Iranian state television reportedly stated that Tehran had agreed to restore commercial traffic through Hormuz to prewar levels within one month of reaching an agreement with the U.S.
Since late February, Iran has essentially stopped most non-Iranian shipping through the Strait of Hormuz, cutting off roughly 20% of worldwide oil and LNG transportation.
By CEO NA Editorial Staff
