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Oil Settles Almost 3% Down on Easing Supply Concerns Ahead of US, Iran Talks
Talks between the U.S. and Iran in Oman eased military conflict fears, leading to a 1.4% drop in oil prices, influenced also by U.S. inventory data, analysts said.
- On Thursday, oil prices fell after the United States and Iran agreed to hold talks in Oman on Friday, easing market concerns despite earlier collapse reports.
- A venue dispute forced a temporary collapse when Tehran pushed for bilateral talks in Oman and Washington insisted on a multilateral summit in Turkey, but regional pressure from Saudi Arabia and Egypt prompted the White House to agree to Muscat, Oman.
- EIA data showed that U.S. crude and distillate stocks fell while Brent futures dropped $1 to $68.47 per barrel, supporting prices, Sycamore noted.
- Despite talks, analysts warn U.S. military presence and threats from President Donald Trump could still lead to conflict affecting exports through the Strait of Hormuz, which handles about a fifth of global oil consumption.
- Negotiators will likely focus on Iran's nuclear programme, with Rubio saying `they will have to include...their sponsorship of terror organizations, and the treatment of their own people`.
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The meeting takes place amid growing concerns that a failure in the high-stakes negotiations could trigger another war in the Middle East.
·Brazil
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On Feb. 5, oil prices fell by about 2% on Thursday after the United States and Iran agreed to hold talks in Oman on Friday.
Oil falls 2% on easing supply concern after US, Iran agree to talks
Oil prices dipped as the U.S. and Iran agreed to hold talks in Oman, easing immediate fears of supply disruptions. Despite this, significant differences remain between the two nations regarding discussion topics, suggesting potential for renewed geopolitical risk. Concerns persist over U.S. President Trump's threats and the impact on crucial oil transit routes.
·India
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Total News Sources19
Leaning Left2Leaning Right2Center3Last UpdatedBias Distribution43% Center
Bias Distribution
- 43% of the sources are Center
43% Center
L 29%
C 43%
R 28%
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