Oil falls from two-week high: Iran may continue talks with US - media

Brent crude oil jumped to over $107 per barrel in trading on April 24. Bloomberg notes that this was the highest level since U.S. President Donald Trump announced a ceasefire in the Middle East on April 8. However, then - oil quotations rolled back first to the level of the previous close, and then - and went into negative: a Pakistani official familiar with the situation, said: the Iranian foreign minister is expected to arrive in Islamabad on Friday to participate in the second round of talks between Tehran and Washington, Bloomberg writes.

At the time of publication, Brent is losing more than 1% and is trading at $103.8 per barrel.

Brent jumped to $107, Reuters explains, amid a video released by Iran showing military personnel boarding a cargo ship in the Strait of Hormuz and a report that Tehran's air defenses had hit "enemy targets."

"The longer the [Strait of Hormuz] strait remains closed, the greater the impact of the oil shock and the farther away from us the prospect of Brent crude prices returning to levels around $80 or below," ING Bank NV head of currency strategy Chris Turner noted (quoted by Bloomberg).

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