Oil Prices Crash 7%

Brent crude rates crashed 7 percent to near $90 early Tuesday morning after fresh reports of a feasible US-Iran breakthrough raised hopes of an end to the war.

Key points

• Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani was scheduled to meet President Donald Trump on Monday to discuss a feasible ceasefire.
• Washington is reportedly ready to let Iran enrich uranium to 3.67 percent, and Tehran has agreed to that limit.
• Last Wednesday, Brent plunged almost 9 percent to below $95 per barrel on expectations that the Democratic sweep of Congress would speed up an end to the war.
• Saudi Arabia's Ministry of Energy remarked the pipeline was targeted in the Medina region, causing a limited fire with no casualties or disruption.
• The selloff came despite a fresh attack on Saudi Arabia's key East-West oil pipeline the same day.

For context, the selloff came despite a fresh attack on Saudi Arabia's key East-West oil pipeline the same day. Pakistan-Qatar Mediation Revives Discussions.

Al Arabiya a short while ago documented that a Qatari-Pakistani mediation proposal had revived serious negotiations on Iran's nuclear program. Israel Loses Control Over US Govt.

Washington is reportedly ready to let Iran enrich uranium to 3.67 percent, and Tehran has agreed to that limit. The return of IAEA inspectors to Iran is additionally being discussed.

Nevertheless, neither side has confirmed the agreement, and a senior Qatari official has reportedly disputed its details. The 3.67 percent cap, set under the 2015 nuclear accord, would be a sharp drop from the 60 percent Iran has reached before.

On Sunday, US Secretary of State Marco Rubio called Tehran's demands "not just unacceptable, but in some cases outrageous and ridiculous, " though he remarked Washington remains open to diplomacy. Second Major Drop in a Week.

Meanwhile, Saudi Arabia's Ministry of Energy remarked the pipeline was targeted in the Medina region, causing a limited fire with no casualties or disruption. The pipeline lets the kingdom export crude through the Red Sea, bypassing the Strait of Hormuz.

For oil importers like Pakistan, cheaper crude offers relief, but continued attacks on energy sites mean supply risks remain. Earlier, oil rates crashed after the US and Iran left the door open to ending the war. Stay Connected with ProPakistani.

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Taken together, the developments around oil Prices Crash 7% point to a situation that is still moving, and the coming days should bring more clarity.