NEW YORK, July 16 (Xinhua) -- Oil prices declined significantly on Tuesday after reports that U.S. Secretary of State Mike Pompeo said Iran is ready to negotiate on its missiles.
The West Texas Intermediate for August delivery fell 1.96 U.S. dollars to settle at 57.62 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery dropped 2.13 dollars to close at 64.35 dollars a barrel on the London ICE Futures Exchange.
Pompeo said at a Cabinet meeting at the White House on Tuesday that Iran is ready to enter negotiations over its missile program, according to local media.
Iranian Foreign Minister Mohammad Javad Zarif this week said his country is open to talks if the United States removes sanctions against Iran.
Ties between the United States and Iran have deteriorated significantly after Washington walked away unilaterally from the landmark nuclear pact in May 2018 and reimposed energy and financial sanctions, which had been removed under the deal, on Iran.
These remarks have helped ease concerns about tensions between Washington and Tehran, which had put the flow of oil in the Middle East at risk, experts noted.
Oil prices also lost certain support as oil firms in the Gulf of Mexico began restoring some of its production that was shut down due to Hurricane Barry over the weekend. Enditem
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