Iran’s Revolutionary Guard is conducting naval drills in the “region of” the Strait of Hormuz, the vital waterway that ships about a fifth of the world’s barrels, the nation’s semi-official Tasnim news agency said.
Trading volumes were muted on Monday, with the number of Brent contracts trading hands dropping to the lowest this year, as the US and Canada were closed for holidays. Meanwhile, many markets in Asia are celebrating the Lunar New Year this week.Iranian Foreign Minister Abbas Araghchi has held talks with the head of the UN’s atomic watchdog, and discussed “proposals” he’ll present at indirect talks with US Special Envoy Steve Witkoff on Tuesday, according to Iranian state TV. US Secretary of State Marco Rubio said he’s “hopeful” Tehran and Washington can overcome years of tense confrontation and hostility and eventually broker an agreement.
Negotiations are also scheduled between Russia and Ukraine in Geneva on Tuesday and Wednesday, although the prospects of a speedy end to the almost four-year-old conflict and the return of Russian barrels look slim.
With inputs from Bloomberg
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