Iran's Foreign Minister to Lead Talks with U.S. in Islamabad, Oil Prices Drop on Peace Hopes

Gate News message, April 24 — Iran's Foreign Minister Araghchi is expected to arrive in Islamabad on Friday evening (April 25) leading a small delegation for potential negotiations with the United States, according to a Pakistani government source. Oil prices fell sharply following the announcement as markets price in the possibility of diplomatic talks.

Traders are unwinding long positions ahead of an uncertain weekend, according to Tamas Varga of oil brokerage PVM. While fundamental conditions remain supportive, market participants are taking profits and plan to reassess positions on Sunday evening based on developments in the Iran situation.

However, if negotiations show no progress by late April and fighting resumes, oil prices could rise to a new high for the year, according to a report from Haitong Futures. Susanna Street, chief investment strategist at UK investment firm Wealth Club, warned that key transportation routes in the region remain blocked, which will continue to support elevated commodity prices.