Shekel Strengthens and Oil Prices Plunge as US-Iran Talks Resume

The easing of tensions between the United States and Iran and the increasing likelihood of renewed negotiations for a nuclear agreement have led to a sharp decline in global oil prices and a strengthening of the Israeli shekel on Monday morning. The US dollar is trading around 3.03 shekels, down from its official rate of 3.06 shekels on Friday, which was the highest level in recent weeks. The euro is also down, trading near 3.46 shekels compared to 3.48 shekels on Friday.

Oil prices, which recently surpassed $100 per barrel, have dropped below $90 per barrel amid the improved diplomatic outlook. Despite this decline, oil prices remain over $10 higher than at the end of June. Consequently, the price of 95-octane self-service gasoline in Israel is expected to increase by approximately 25 to 30 agorot starting from midnight between Saturday and Sunday.