Brent Flash Crashes $6 Before Rebounding Towards $104
Brent Flash Crashes $6 Before Rebounding Towards $104 Julianne Geiger is a veteran energy journalist and market analyst with more than a decade of experience covering the global oil and gas sector.
Her… Brent crude plunged more than $6 per barrel Tuesday morning, falling from $107.24 to $100.80 before recovering to around$104shortly after 10 a.m.
Eastern, as traders reacted to a succession of conflicting reports about U.S.-Iran peace negotiations.
The selloff followed Monday's 7.6% decline, which left Brent at $104.77.
Prices initially rebounded overnight after reports of U.S.
strikes on Iran's Qeshm Island, near the Strait of Hormuz, before reversing sharply Tuesday morning.
The first abrupt decline began moments before a Bloomberg-attributed breaking headline announcing that Iran's supreme leader had authorized negotiations on previously non-negotiable issues.
But that was a stronger claim than Iranian President Masoud Pezeshkian's statement that the supreme leader had only granted the government additional negotiating authority.
Pezeshkian had not specified which issues might be discussed.
Questions subsequently emerged about whether the Bloomberg headline accurately reflected the Iranian statement.
Brent suffered another steep drop around 8:20 a.m, right around the time of an Al Jazeera report that Washington had approved a draft agreement presented through Qatari mediators.
Additional reports surfaced that Washington and Tehran had made concessions involving Iran's nuclear program and frozen assets, citing Al Araby Al Jadeed.
| 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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