<\/p>\n
Oil rose from a six-week low amid uncertainty over the outlook for a peace deal to end the war in Iran.<\/p>\n
Brent advanced toward $93 a barrel after closing at its lowest since mid-April on Friday, while West Texas Intermediate was near $89. The US and Iran traded messages over the weekend seeking changes to a draft agreement that would extend a ceasefire and open the Strait of Hormuz, but it was unclear if the sides were making much progress.<\/p>\n
The standoff follows a bout of optimism that some form of peace agreement would be reached \u2014 and that energy flows would resume through the Strait of Hormuz \u2014 that had caused the first monthly drop in crude prices this year. Brent is still up more than a quarter since the war started at the end of February, as the near-total closure of the vital waterway causes unprecedented turmoil in oil markets.<\/p>\n<\/p>\n
\u201cNeither Iran nor the US are capitulating or compromising on their red lines for an agreement,\u201d said Hamzeh Al Gaaod, an independent economist for the Middle East and North Africa region. Oil prices are likely to continue moving through a \u201cstatement cycle,\u201d with prices swinging between optimism and caution as new headlines emerge, he said.<\/p>\n
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President Donald Trump said his proposed deal states clearly \u201cthat Iran will not have a Nuclear Weapon,\u201d according to a post on Truth Social.<\/p>\n
Trump hadn\u2019t spoken on the subject of Iran since a White House Situation Room meeting Friday, in which he said he expected to announce an agreement to prolong the current truce with Iran by 60 days. In a social media post earlier that day he reiterated his demands, including that Iran suspend its nuclear program and fully restore the strait to its earlier status as a free, international waterway.<\/p>\n
The semi-official Tasnim news agency, which has close ties to the Iranian Revolutionary Guard Corps, said Sunday that amendments continue to be proposed by each side, but noted that both the US and Iran might ultimately reject the changes and the deal would collapse.<\/p>\n
\u201cEven after the recent selloff, oil is still trading at a pretty elevated level,\u201d said Haris Khurshid, chief investment officer at Chicago-based Karobaar Capital LP. \u201cThis suggests the market isn\u2019t pricing peace yet, it\u2019s just pricing a lower probability of the worst case scenario.\u201d<\/p>\n
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Meanwhile, Israel made its broadest incursion into Lebanon in a quarter-century as Hezbollah \u2014 Iran\u2019s most powerful regional ally \u2014 stepped up attacks on Israel\u2019s north. Tel Aviv is not party to the talks between Washington and Tehran and it\u2019s not clear whether it will agree to stop its side war in Lebanon.<\/p>\n
Roughly one-quarter of the non-Iranian large oil tankers trapped inside the Persian Gulf at the outbreak of the Iran war have managed to slip out in a slow, stealthy trickle. However, several vessels transiting through the Strait of Hormuz had been attacked in recent days, underscoring the \u201cvery real\u201d risks that remain for shipowners, Chevron Corp. Chief Executive Officer Mike Wirth said Friday.<\/p>\n
Goldman Sachs Group Inc. sees two-sided risks to oil prices as a slump in demand competes with supply losses from the Middle East because of the Iran war. Weak April oil sales data from China and Western Europe adds about $10 a barrel of downside risk to the bank\u2019s forecast of Brent crude prices of $90 a barrel in the fourth quarter, according to a May 31 note.<\/p>\n
Prices:<\/p>\n
Brent for August settlement rose 2.5% to $93.40 a barrel at 10:09 a.m. in Singapore.
\nWTI for July delivery climbed 2.9% to $89.92 a barrel.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Oil #rises #sixweek #uncertainty #USIran #deal<\/p>\n","protected":false},"excerpt":{"rendered":"
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