Oil prices plummeted following comments from President Donald Trump indicating that U.S.-Iran peace negotiations are nearing completion.
On May 20, Brent crude for July delivery fell 5.63% to close at $105.02 per barrel on the ICE Futures Exchange.
Meanwhile, West Texas Intermediate (WTI) crude for July delivery dropped 5.66% to finish at $98.26 per barrel on the New York Mercantile Exchange.
The decline in oil prices is attributed to Trump's statement that the U.S.-Iran negotiations are in the "final stages." However, he warned that further military action could occur if Iran does not agree to the terms.
In response, Iran confirmed it has received a proposal from the U.S. Esmail Baghaei, spokesperson for Iran's Foreign Ministry, stated in an interview with state television, "We have received the U.S. perspective and are currently reviewing it closely."
Baghaei added that the visit of Pakistan's Interior Minister to Tehran is aimed at facilitating communication between the two countries.
Earlier, Iran's state-run IRNA news agency reported that Interior Minister Mohsin Naqvi visited Iran again on May 20, following a previous visit on May 16.
Baghaei outlined key prerequisites for dialogue aimed at ending the conflict, including the release of frozen overseas assets and the cessation of U.S. maritime blockades.
He emphasized, "At this stage, we are focused on ending the war on all fronts, including Lebanon. Our demands are clear: issues related to the release of Iran's frozen assets, acts of piracy, and disruptions targeting Iran's shipping have been stated from the beginning."
Furthermore, Baghaei asserted, "Iran has participated in the dialogue with goodwill and sincerity, and the other party must also demonstrate sincerity."
He concluded, "If this process proceeds based on Iran's legitimate demands, we can say diplomacy has succeeded; otherwise, if unjust demands persist, we will obviously not succeed."
* This article has been translated by AI.
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