2oxx}d7bba8k543pjy865z0v_media_dl_1.png Bloomberg reporting, Institute fArticle content(Bloomberg) — Oil steadied after its biggest gain in about a month, as uncertainty about the state of US-Iran peace talks raised the risk that energy flows from the Persian Gulf could be curtailed for longer.
Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentWest Texas Intermediate traded near $92 a barrel, after adding more than 5% in the previous session, while Brent settled just under $95. Prices surged Monday on a report that Tehran was halting talks with Washington in protest of Israel’s attacks in Lebanon, before paring after US President Donald Trump said the negotiations were continuing.
Article contentWe apologize, but this video has failed to load.Try refreshing your browser, or tap here to see other videos from our team.Article contentArticle contentThe US president said a memorandum of understanding with Iran to reopen the Strait of Hormuz could happen over the next week, according to a telephone conversation he had with ABC News. The US still had “to get a few more points” before a deal, he said.
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Article contentThe lack of clarity over the potential extension of the current ceasefire — and the future of energy flows through the Strait of Hormuz — has buffeted oil prices, which fell last month on optimism a deal could be reached. The report by Iran’s semi-official Tasnim news agency also said that Tehran and its regional proxies have placed on their agenda the complete closure of Hormuz, as well as the Bab el-Mandeb Strait — a crucial alternative for oil exports.
Article content“Further indications that the parties are no longer actively negotiating would also remove some of the security blanket the market has been relying on to price toward a best-case outcome,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Group. “We’ve seen plenty of back-and-forth throughout this conflict, and nothing has been set in stone.”
Article contentAdding to the confusion, Trump and Israeli Prime Minister Benjamin Netanyahu offered differing accounts of a call about the fighting in Lebanon. A US-brokered ceasefire between Tel Aviv and Hezbollah should be extended from Beirut to include the entirety of Lebanese territories, with more negotiations taking place on Tuesday and Wednesday, the Lebanese presidency said in a post.
Article contentArticle content—With assistance from Mia Gindis.
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