An informed source revealed that Pakistani Army Chief Asim Munir’s presence in Tehran was highly unlikely until Sunday evening. However, the decision was abruptly finalized around midday Monday, coinciding with oil prices reaching the $110 resistance level and crude approaching $112 per barrel.
Meanwhile, there is speculation that statements by Iranian Foreign Minister Abbas Araghchi could help bring down global oil prices, based on previous market reactions.
In the past, Araghchi’s remarks about reopening the Strait of Hormuz and the possibility of negotiations contributed to declines in oil prices.
Markets are now closely awaiting his next statements.