Rubio Plays Down Imminent U.S.-Iran Deal
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
will deal with Iran “another way” if it does not reach a good deal with the Islamic Republic, U.S.
Secretary of State Marco Rubiosaidon Monday, playing down hopes that an agreement is imminent.
Following signals from Washington during the weekend that the U.S.
and Iran could be nearing a framework agreement, oil prices plunged on Monday in Asian trade, withBrent Crude prices slippingbelow the $100 per barrel mark.
However, losses were being contained at about 3-4% in the morning in Europe as the market hopes for a deal but acknowledges the energy crisis.
Rubiosaidon Monday from India that an agreement with Iran is still a “work in progress,” tempering excessive optimism in markets.
“We have what I think is a pretty solid thing on the table in terms of their ability to open up the straits, get the straits open, enter into a very real, significant, time-limited negotiation on the nuclear matters, and hopefully we can pull it off,” Rubio said, as carried by ABC News.
Iran’s nuclear ambitions remain a major sticking point, while there isn’t any indication that Iran would open the Strait of Hormuz without the U.S.
making concessions, including lifting the American blockade outside the Strait in the Gulf of Oman.
“We've been at this stage before, only for talks to break down.
Therefore, the market will likely be more cautious about overreacting to these headlines,” Warren Patterson, Head of Commodities Strategy at ING, said in anoteon Monday.
| 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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