Oil prices fell about 5 per cent to two-week lows on Monday as optimism grew that the United States and Iran were moving closer to a peace deal, even though they remain at odds over key issues such as blockades on the Strait of Hormuz. Brent crude futures were down $5.04, or 4.9 per cent, at $98.50 a barrel at 1327 GMT and US West Texas Intermediate futures were down $4.82, or 5 per cent, at $91.78. Both contracts traded at their lowest since May 7.
However, several difficult issues remain, with Trump saying on Sunday that he had told his representatives not to rush into any deal. The underlying supply shortfall of 10-11 (million barrels per day) of crude oil does not go away immediately and will see markets still drawing inventories until Middle Eastern crude production is back online, which is months away,” said Sparta Commodities analyst June Goh.
The underlying supply shortfall of 10-11 (million barrels per day) of crude oil does not go away immediately and will see markets still drawing inventories until Middle Eastern crude production is back online, which is months away,” said Sparta Commodities analyst June Goh.
Iran’s top negotiator and its foreign minister were in Doha for talks with Qatar’s prime minister on a potential deal with the US, an official briefed on the visit told Reuters on Monday, after Washington and Tehran played down hopes for an imminent breakthrough.
Iran’s foreign ministry spokesperson Esmaeil Baghaei said on Monday that Iran was negotiating an end to the war and was not currently discussing nuclear issues.
Iran’s foreign ministry spokesperson Esmaeil Baghaei said on Monday that Iran was negotiating an end to the war and was not currently discussing nuclear issues.
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