Home›Global Markets›Trade & Tariffs›U.S. says it remains committed to Iran memorandum desp…

U.S. says it remains committed to Iran memorandum despite remarks

The White House said technical talks are ongoing and that U.S. adherence depends on Iran doing the same, as WTI fell 3.8% to $71.75.

Reported · Written up by our desk · Trade & Tariffs

A US official told the Times of Israel that the United States remains committed to the memorandum of understanding with Iran, even after President Donald Trump said the framework deal to end the Iran war was “over” following Tehran strikes in the Strait of Hormuz and against neighboring countries.

According to the White House, the United States is still focused on finding a resolution and technical discussions continue. The statement also acknowledged Trump’s comments, while signaling the U.S. is prepared to adhere to the MOU as long as Iran does as well.

The report noted market reaction in oil, with West Texas Intermediate down 3.8% on the day to $71.75 at the time of writing. In general, WTI moves with changes in supply and demand influenced by factors such as political instability, wars, sanctions, OPEC decisions, and global growth expectations.

WTI is priced in US dollars, so the value of the dollar can also affect its level, and weekly inventory reports from the API and the US Energy Information Administration are typically key near-term drivers for the benchmark.

Latest closeWTI crude $71.84 ▼2.3%

More like this

Sources