Oil climbs above US$91 as US-Iran peace deal falters
OIL prices climbed for a third consecutive session on Tuesday, with Brent crude rising above US$91 a barrel, as the breakdown of efforts to extend a US-Iran peace agreement heightened concerns over oil supplies through the strategically vital Strait ...
Brent crude prices surged above US$91 a barrel for the third day in a row, as hopes for a renewed US-Iran peace deal faded. The rise in oil prices came after US President Donald Trump announced he was not interested in extending an interim agreement with Iran, which expired on Monday and heightened fears about oil supplies through the strategic Strait of Hormuz.
The interim understanding, signed in June, allowed for a 60-day window to negotiate a longer-term peace deal between the two nations. Iran and Oman are still negotiating arrangements to manage shipping through the strait, though the United States is not a party to the talks. The weakening US dollar, driven by disappointing economic indicators and concerns over Federal Reserve monetary policy, also contributed to the oil rally.
Traders are reassessing the outlook for the Fed following weaker US retail sales and job losses in July, leading to a 30.6% probability of a September rate hike, down from 52.2% a week earlier. The dollar index slipped to around 99.60 after falling to 99.5 in the previous session. Meanwhile, the euro rose to a two-month high against the dollar.
Written by urgent.news from The Vibes's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
