Oil prices quickly declined as U.S. and Iran may hold peace talks (Jinshi Data APP)

Odaily reported that a Pakistani government source said Iranian Foreign Minister Abbas 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 fall rapidly. Tamas Varga of oil brokerage PVM said that while the fundamental backdrop remains supportive, traders are closing long positions ahead of the highly unpredictable weekend and will reposition on Sunday evening based on developments in the Iran situation. Haitong Futures said in a report that if no progress is made in talks 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 services firm Wealth Club, said that with key transport routes in the region still blocked, fresh economic pain lies ahead. This will keep prices of many commodities elevated. (Jinshi)