Oil Prices Edge Higher as Iran Deal Doubts Resurface
Oil Prices Edge Higher as Iran Deal Doubts Resurface Josh Owens is the Content Director at Oilprice.com and a veteran energy journalist with over a decade of experience covering global energy markets and geopolitics.… Oil prices edged higher in early Asian trade on Thursday, rebounding from the previous session’ssteep selloff, as investors reassessed the chances of a near-term U.S.-Iran peace agreement and weighed continuing disruptions to Middle East energy flows.
Brent crudefutures rose 0.66%, to $101.94 a barrel in early trade, while U.S.West Texas Intermediatecrude gained 0.74% to trade at $95.78 a barrel.
Both benchmarks tumbled more than 7% on Wednesday after reports suggested Washington and Tehran were moving closer to a framework agreement that could formally end the war and eventually reopen the Strait of Hormuz.
The selloff eased late in the session after President Trumpsaidit was still “too soon” for direct talks with Tehran, while Iranian officials signaled major sticking points remained unresolved - most notably the nuclear issue.
Iran said on Wednesday it wasreviewinga U.S.
proposal, which has been described by sources as a one-page memorandum aimed at ending the conflict.
Axiosreportedthat Washington expects an Iranian response within the next 48 hours, citing sources who said the two sides were closer to an agreement than at any point since the war began.
Traffic through the Strait of Hormuz remains heavily constrained despite diplomatic progress, with traders and shipping companies awaiting evidence that transit conditions are genuinely improving.
Meanwhile, oil prices continue to find support from tightness in physical crude markets, with the EIAconfirminganother decline in U.S.
crude stockpiles fell by 2.3 million barrels to 457.2 million barrels last week.
Gasoline and distillate inventories also posted draws, while U.S.
crude product exportsclimbedto a record high.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | ▲ +0.34% |
| WTI Crude | $96.90/bbl | ▲ +0.21% |
| EN590 Diesel | $846/MT | ▲ +0.18% |
| Jet Fuel A-1 | $1090/MT | ▲ +0.55% |
| Mazut M100 | $450/MT | ▼ -0.15% |
| Bitumen 60/70 | $470/MT | ▲ +0.08% |
| Sulphur Gran 99.5% | $470/MT | ▼ -0.44% |
| Urea 46% Gran | $650/MT | ▲ +1.12% |
| NPK 16-16-16 | $460/MT | ▼ -0.28% |
| Nat Gas TTF | $15.42/MMBtu | ▲ +0.92% |
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