Oil prices rise 2% as peace negotiations falter between Washington and Tehran
Oil prices rose today, Tuesday, with hopes of reaching an agreement to end the US-Israeli war on Iran diminishing, as sharp disagreements between Tehran and Washington over the peace proposal brought concerns about oil supplies back to the forefront.
And Brent$2, or nearly 2%, to $106.21 a barrel, while US West Texas Intermediate crude rose $2.31, or 2.4%, to $100.38 by 07:26 GMT. Both crude oil prices rose by approximately 2.8% on Monday.
US President Donald Trump said on Monday that the ceasefire with Iran "On the verge of collapse"Pointing out that there are disagreements over several demands, such as stopping hostilities on all fronts, lifting the US naval blockade, and resuming Iranian oil sales, and compensation for war damage.
On the other hand, Tehran insisted on adhering to its sovereignty over The Strait of Hormuz, through which about a fifth of global oil and liquefied natural gas passes.
In a related context, analysts expected in a survey conducted "Reuters" US crude oil inventories decreased by about 1.7 million barrels last week.
This decline comes in light of the continued strong flows of exports of crude oil and seaborne oil products during the next few weeks, according to Walt Chancellor, energy strategist at the… "Macquarie".
Meanwhile, market participants are closely following President Trump’s upcoming meeting with Chinese President Xi Jinping on Thursday and Friday, after Washington imposed sanctions on 3 individuals and 9 companies for facilitating Iranian oil shipments to China.
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