Crude oil prices drop under $95/bbl as hopes emerge on potential US-Iran peace talks; COMEX gold up 0.8%

The global benchmark Brent crude oil prices dropped to a low of $94.42 per bbl during the end of the commodity market session on Tuesday, April 14, witnessing a highly volatile session with the highs at $99.45 per bbl after opening at around $97 per bbl, according to the exchange data.

The West Texas Intermediate (WTI) crude oil prices also dropped to $87.08 per bbl on Tuesday, after opening around $98 per bbl level. Although the oil prices hit a high at market open, during the session, the prices cooled to close lower around the $90 per bbl region.

Oil prices started cooling on Tuesday, after reports emerged on Israel and Lebanon agreeing to hold further negotiations amid the ongoing West Asia conflict. This comes at a time when US President Donald Trump signalled that “something” is likely to happen over the next few days.

Crude oil prices today

Brent crude oil prices were trading at $94.66 per bbl as of 7:24 am on Thursday, compared to $95.13 per bbl at the previous commodity market close, according to the oil prices data collected from Investing.com website.

The US-based WTI crude oil prices were trading around $90.65 per bbl as of 7:25 am on April 15, compared to the previous market close level of $91.28 per bbl, according to the exchange data.

What’s driving oil prices today?

Crude oil prices were trading lower after renewed hopes emerged among investors in the market after US President Donald Trump said that “something could be happening” over the next two days as both nations in conflict aim to return to negotiations after failed talks last weekend.

“You should stay there, really, because something could be happening over the next two days, and we’re more inclined to go there,” Trump told the New York Post.

According to a recent BBC report, Trump refused to comment on whether the United States will be participating in the next round of US-Iran peace talks after Vice President JD Vance-led negotiations failed to settle into a potential peace deal on nuclear weapon terms at the end of last week.

The news report also suggests that Israel and Lebanon have agreed to hold further direct negotiations ‘at a mutually agreed time and venue’.

“The United States affirmed that any agreement to cease hostilities must be reached between the two governments, brokered by the United States, and not through any separate track,” according to a US State Department deputy spokesperson cited in the report.

Gold prices today

The New York Mercantile Exchange-based COMEX gold prices were trading 0.8% higher at around $4,888 per ounce as of the early market hours on Wednesday, compared to $4,850 per ounce during the previous commodity market close, according to the exchange data.

Gold prices were trading higher on Wednesday India time due to the renewed demand for precious metals amid a flat dollar rate in the market. In the last few market sessions this week, the gold prices have snapped their downward trend rising from the $4,733 per ounce levels since Monday.

The Bloomberg US Dollar Spot Index data showed that the greenback was trading 0.01% higher at 98.134 as of 10:05 pm (EDT) on April 14, compared to the previous market close level.

Traders are able to buy more quantities of gold at a lower dollar rate, and the downward trajectory of the dollar rate over the last few days has boosted the demand for gold, proving the inverse relation between the greenback and the precious metal.