Oil prices fall as US Iran talks show progress
Brent crude slid below $80 a barrel after mediators in Switzerland said U.S. and Iranian negotiators made progress in talks that eased fears tied to Iran's orders to close the Strait of Hormuz. U.S. crude WTI fell about 27 cents and Brent lost roughly $1.27 per barrel as stock markets rose and gold rebounded while traders trimmed the geopolitical premium. Iran had earlier warned it would shut the Hormuz chokepoint, which can quickly spike global oil and shipping costs; the reduced threat lowers near-term supply risk and eases fuel-driven inflation pressures. The shift also undercuts a key factor driving recent surges in Chinese electric-vehicle sales across developing markets, since lower oil prices reduce the urgency for fuel-switching there.
BREAKING: oil prices give up gains, swing to loss... WTI down 27 cents, Brent down $1.27/bbl "U.S. and Iran agree on roadmap for final deal" (CNBC)
Jen d’Arc8Feel like we’ve been at “road map to a concept of an agreement to a concept of a deal” for months now.
like_a_bosstonian5New roadmap to a memorandum for the draft of an agreement to arrive at a framework, coming in two weeks
Just Dee2Doesn’t mean anything until Netanyahu (and Hezbollah) agree to the roadmap.
