Oil prices dip as US-Iran talks weigh on markets

Oil prices edged lower as traders continued to focus on uncertainty surrounding US–Iran talks, News.Az reports, citing Al Jazeera.

Brent crude, the international benchmark, fell 75 cents to $94.23 per barrel, while US West Texas Intermediate (WTI) crude dropped 85 cents to $91.31 per barrel.

The decline followed a session in which both benchmarks had recorded sharp gains a day earlier.

Despite Monday’s rebound, oil prices fell more than 16% in May amid the current ceasefire and expectations that a more comprehensive agreement between Washington and Tehran could eventually lead to increased Iranian oil exports and higher global supply.

“While markets had hoped to move past the uncertainty amid prospects of a potential deal, nothing appears to have changed for oil as of this morning,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.

News.Az 

By Nijat Babayev