Oil prices fell rapidly amid possible peace talks between the US and Iran (Jin10 Data APP)

According to a Pakistani government source, Iranian Foreign Minister Araghchi is expected to lead a small delegation to Islamabad on Friday evening, and negotiations with the United States are likely to take place, causing oil prices to drop rapidly. Tamas Varga of oil brokerage PVM stated that although the fundamental backdrop remains favorable, traders are closing out long positions ahead of the highly unpredictable weekend, and will readjust their positions on Sunday evening based on the evolving situation in Iran. Haitong Futures noted in a report that if peace talks make no progress by the end of April and fighting resumes, oil prices could climb to new highs this year. Susannah Streeter, Chief Investment Strategist at UK investment service firm Wealth Club, said that with key transportation routes in the region still blocked, new economic pain lies ahead. This will keep the prices of a large number of commodities elevated. (Jin10)