Home›Commodities›Energy›Crude oil gains fade after Saudi pipeline restart and…

Crude oil gains fade after Saudi pipeline restart and US sanctions offer

Oil traded near $91.50, returning to Friday levels after the weekend diplomacy helped lift prices.

Reported · Written up by our desk · Energy

Crude oil’s rise tied to developments around Iran’s Strait of Hormuz plan faded after a Saudi pipeline restart and a US offer of sanctions relief, according to FXStreet.

The newsletter said crude was near $91.50 and back around where Friday’s session ended, erasing the net value of the weekend’s diplomacy and the restarted pipeline.

FXStreet described Iran’s seven day plan as reopening the strait at the end of a week if Washington first lifts its naval blockade, drops sanctions on Iranian barrels, and releases frozen assets, with nuclear talks to follow.

FXStreet added that Trump rejected the proposal and said Washington could accept similar terms about a year earlier, and it noted a US official on Monday said Trump is prepared to ease sanctions and release frozen assets for concrete nuclear progress.

Latest closeWTI crude $92.44 ▼2.3%

More like this

Sources