Officials with the United Nations Security Council and Iran are looking forward to convening next month in Iran as the price of crude oil futures fell Monday for the second consecutive trading session, according to Bloomberg.
As fallout of the first international diplomacy in 15 months with Iran regarding its nuclear ambitions, the value of the energy commodity fell as much as 0.9 percent. Officials from Iran and the U.N. body's five permanent members – the U.S., the U.K., China, France and Russia – as well as Germany convened in Istanbul and agreed to meet May 23 in Baghdad.
"The market is looking at the Middle East as well, especially on Iran's nuclear weapons program, as the issue needs to be resolved as soon as possible ahead of the U.S. elections," commodities fund manager Tetsu Emori with Astmax Investments told the International Business Times.
At 9:12 a.m. on Monday, crude oil futures dropped 1.14 percent, a $1.38 slip to $119.83 per barrel.
The oil-rich Middle Eastern nation is in danger of enduring more sanctions if it does not reach a breakthrough with its negotiating partners within months, U.S. President Barack Obama said.