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US and Iran initially endorse Pakistan-brokered proposal, WTI and Brent crude futures dip in short-term trading

1 hours ago

According to Israel's Channel 12, a proposal presented by Pakistan's Army Chief to senior Iranian officials today has received US approval, with Iran also giving preliminary assent. The proposal partially addresses Iran's demand for the return of frozen funds, specifying that interest generated from Iran's $6 billion in frozen assets held in Qatari banks will be transferred to Iran. Possibly driven by this news, US and Brent crude oil futures dipped around $0.8 in the short term, now standing at $97.51 per barrel and $105.76 per barrel respectively. On the news front, reports note that the US and Iran have preliminarily endorsed the Pakistan-brokered proposal.

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