Oil settles up 2pc
NEW YORK: Brent crude prices settled up by 2.1 percent on Thursday, snapping a three-session losing streak, after a Wall Street Journal report said US President Donald Trump is not interested in returning to terms of a memorandum of understanding reached with Iran in June. Citing people familiar with the matter, the report said the Trump administration has repeatedly told mediators it has no…
Brent crude prices rose by 2.1% on Thursday, ending a three-day losing streak, following a report from the Wall Street Journal that US President Donald Trump has no interest in reviving the June agreement with Iran. The Trump administration repeatedly told mediators they had no intention of returning to the terms of the memorandum of understanding, complicating diplomatic efforts to restart talks.
Brent crude futures closed at $89.70 a barrel, up $1.86 or 2.1% from the previous close. US West Texas Intermediate crude futures settled at $83.53, up $1.30 or 1.6% from the prior trade. Investors scaled back expectations of a diplomatic breakthrough, which could have increased oil flows from the Middle East. Washington confirmed it was not in talks with Iran, with Trump stating the US was focused on economically punishing Tehran.
The sanctions imposed by the US were described as "inhumane and hostile" by Iran's parliament head, though their effectiveness had diminished. Qatar's prime minister visited Tehran to attempt to relaunch diplomatic talks amid the six-month anniversary of the US-Israeli war with Iran. Iran's top security official warned of retaliation if the US initiated any hostile actions during the talks.
The Strait of Hormuz, which handles about one-fifth of global daily oil and liquefied natural gas supplies, saw a slight increase in vessel traffic on Wednesday, though it remained below the 10-day average. Kuwait's Al-Zour oil refinery, after being attacked by Iranian drones in May, restarted three units at 60% capacity. Tensions escalated after Russia warned it could strike British military targets in response to attacks on Russian territory using British-supplied long-range cruise missiles.
Despite these developments, Trump stated that Russian President Vladimir Putin would not attack a NATO country.
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