Global oil prices dip in early Asian trade as hopes of US Iran peace talks ease tensions

Global oil prices dipped in early Asian trade as hopes of further peace talks between the US and Iran eased concerns about the war’s escalation.
 
The price of global benchmark Brent crude fell by 2.2 %to 97.20 US dollars a barrel, while US-traded oil dropped by 2.2 % to around 96.90 US dollars a barrel.
Oil had jumped above 100 US dollars a barrel yesterday following US President Donald Trump’s order to block Iranian shipments after weekend negotiations failed.
 
Asian stock markets also edged higher. The Nikkei 225 index in Japan gained by 2.4 % while South Korea’s Kospi exchange jumped by more than 3 %.