Oil falls more than 1% on reports of possible US-Iran ceasefire deal
- On Friday, Brent crude futures for July fell 35 cents, or 0.37 per cent, to $93.36 a barrel, reacting to reports of a potential U.S.-Iran ceasefire extension.
- Sources told Reuters on Thursday that the U.S. and Iran reached an agreement to extend their ceasefire for 60 days, though President Donald Trump has yet to approve it.
- Vice President JD Vance told reporters Washington was "not there yet" with Iran regarding an agreement, citing sticking points on enriched uranium stockpiles.
- Prices have swung by as much as $6 in recent sessions due to conflicting signals regarding the three-month Iran war and potential reopening of the Strait of Hormuz.
- Oil trading advisory firm Ritterbusch and Associates noted the market remains sensitive to Middle East headlines, while UBS analyst Giovanni Staunovo cited ongoing sensitivity to regional news.
103 Articles
103 Articles
Oil prices ended the week in decline on Friday, as operators were determined to believe that the United States and Iran would succeed in finding a compromise for a lasting ceasefire in the Middle East.
Future metal contracts with delivery for June closed the day at 1.36% high, quoted at $4,560.5 per ounce-troy
The futures of crude oil fell by about 2% this Friday and were heading towards their biggest weekly collapse since the beginning of April, after it became known that the United States and Iran had reached an agreement on a possible extension of the ceasefire. At 1059 GMT, the futures of Brent crude by July, which expire during the day, dropped $1.66, or 1.77%, to $92.05 a barrel. The August contract, more active, yielded $1.63, or 1.76%, to $91.…
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