Home›Commodities›Energy›Oil rises as U.S.-Iran peace prospects dim

Oil rises as U.S.-Iran peace prospects dim

Brent was last around $87.7 per barrel and WTI around $82.1, with ING noting risks remain skewed to the upside as deal timing looks distant.

Reported · Written up by our desk · Energy

Oil prices rose as prospects for a lasting U.S.-Iran peace agreement weakened after Iran laid out six conditions earlier this week and President Trump reacted by demanding reparations for war-related damages, OilPrice reported.

At the time of writing, Brent traded around $87.72 per barrel and West Texas Intermediate around $82.13 per barrel, after the latest developments added to uncertainty over whether an agreement can be reached.

OilPrice cited market analysts warning that the gap between U.S. and Iranian views could keep the two countries far apart on what a deal would actually look like, which they said supports a higher-risk oil outlook.

The article also noted that Iran said it is closer to finalizing a deal with Oman related to joint management of the Strait of Hormuz, while also saying the waterway will remain closed until the U.S. meets Tehran’s conditions, with tankers turning off transponders to pass through and Iraq reporting average daily exports of 2 million barrels.

Latest closeBrent $87.85 ▲5.2%

More like this

Sources