Oil Prices Decline as U.S. and Iran Signal Ceasefire

International oil prices fell, ending a three-day rise, as both the United States and Iran indicated a potential ceasefire. According to RTHK, the May contract for London Brent crude expired on Tuesday, with the June contract closing at $103.97 per barrel, a decrease of approximately 3.2%. For March, Brent crude rose by 63%, marking the largest monthly increase since 1988, and gained over 94% in the first quarter. New York crude oil's May contract remained above $100 per barrel, closing at $101.38, down about 1.5%. In March, it increased by 51%, the largest monthly rise in nearly six years, and surged nearly 77% in the first quarter. Additionally, data from the U.S. Energy Information Administration (EIA) revealed that winter storms disrupted crude oil production in several U.S. regions, leading to a monthly decrease of 410,000 barrels per day in January, the largest drop in two years. A Reuters survey also indicated that conflicts in the Middle East reduced exports, causing the Organization of the Petroleum Exporting Countries (OPEC) to see its March crude oil production fall to its lowest level since June 2020.