Oil Market More Optimistic About US-Iran Deal
Oil Futures Fall on Hopes of US-Iran Deal
Oil futures trade at their lowest level in a month as the market hopes the current US-Iran talks will lead to a deal to end the conflict. 'This has been a stronger or longer-lasting price response to a potential deal than we have seen since the cease-fire,' says Ajay Parmar of energy intelligence firm ICIS.
Forces Pushing Toward a Deal
According to Parmar, several forces are pushing both sides toward a deal. The US blockade of the Strait of Hormuz is having a negative impact on Iran, which can't get its oil out, while the rise in US Treasury yields is 'really not good for the US economy' and means President Trump 'cannot lower interest rates the way that he wants to.'
WTI is off 4.1% at $90.01 a barrel and Brent is down 3.7% at $95.90.
Impacted Symbols
Symbols affected by this headline and their sentiment signals
The news directly impacts crude oil futures, causing a significant price decline.
WTI CRUDE OIL
WTI crude oil fell 4.1% on U.S.-Iran deal hopes, raising supply increase concerns.
Crude oil prices are broadly declining, and this symbol is similarly affected.
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