Oil prices return to 100 dollars a barrel as hopes of Iran peace talks wane
Waning optimism over a US-Iran peace deal and reopening the Strait of Hormuz sent Brent crude back above $100 a barrel, traders said.
- Brent North Sea crude jumped almost 4.5% on Tuesday to edge back above $100 a barrel as waning optimism over a US-Iran peace deal weighed on global energy markets.
- Optimism collapsed after the US military carried out strikes in southern Iran on Monday; Iran's foreign ministry stated the attacks in Hormozgan province amounted to a 'serious violation' of the fragile ceasefire in effect for nearly seven weeks.
- Market analyst Rich McDonald noted that while talks remain alive, traders have made 'no progress on the hard issues,' as investment director Russ Mould cautioned that 'continued doubts about the potential for a deal' are keeping market euphoria in check.
- Iranian negotiators arrived in Doha for fresh talks as Israeli military escalated operations against Hezbollah in Lebanon, with US Secretary of State Marco Rubio indicating negotiations could reach agreement within 'a few days'.
- A proposed 60-day negotiation window would allow talks on Iran's nuclear activities and energy supplies, as commodities analyst Arne Lohmann Rasmussen said market optimism reflects 'the market's strong belief that the Strait of Hormuz will reopen'.
13 Articles
13 Articles
Oil steadies at $100 and markets stay volatile as US-Iran talks stall
Brent crude trades at $100 per barrel while European indices drop, Asian stocks close mostly flat and US equities open higher. Markets remain volatile as US-Iran talks stall and President Trump reiterates nuclear demands.
It will take several months to normalize, and even if Hormuz opens, oil prices are unlikely to fall. Traffic volume is expected to reach 50% of the current level after reopening. There is a risk of armed attack from countries other than Iran, and removing Iranian-launched mines will take weeks, leading to skepticism that a deal will not be reached. As the peace negotiations between the U.S. and Iran enter their final stages, regarding the reopen…
Oil back at $100 as US strikes douse Iran war hopes
Oil prices rebounded back to $100 on Tuesday while stock markets were mixed and the dollar firmed after US military strikes on Iran deflated hopes of an imminent deal to reopen the Strait of Hormuz.The United States and Iran have been working on an agreement to end the Middle East war and reopen the crucial waterway to tanker and cargo traffic since a fragile ceasefire on April 8.But the fresh strikes had Tehran warning it was ready to retaliate…
Oil retreats below $100 as Iran-U.S. tensions cloud Hormuz reopening
Global oil prices retreated on Wednesday after a rally in the previous session, as traders reassessed escalating tensions between Iran and the United States and weighed the uncertain prospects of reopening the Strait of Hormuz, one of the world’s most critical energy shipping routes. Brent crude futures fell $1.42, or 1.43 per cent, to $98.16 […] The post Oil retreats below $100 as Iran-U.S. tensions cloud Hormuz reopening appeared first on Bus…
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