Oil prices fall after media report about a deal between US and Iran
- Brent crude futures fell 22 cents, or 0.2%, to $94.07 a barrel
Oil prices surged over 3% after Iran's Revolutionary Guards targeted a U.S. airbase, escalating tensions following a U.S. attack near Bandar Abbas airport.
- Brent and WTI crude futures price increases.
- U.S.-Iran conflict and its impact on oil supply.
- U.S. crude oil stockpiles and inventory data.
NEW YORK: Oil prices reversed course to trade lower on Thursday after Axios reported that the U.S. and Iran have reached an agreement for a 60-day ceasefire extension and the start of talks on Iran’s nuclear programme.
Brent crude futures fell 22 cents, or 0.2%, to $94.07 a barrel as of 10:20 a.m. ET (1420 GMT). U.S. West Texas Intermediate futures were unchanged at $88.68.
Both benchmarks had been up more than 2% earlier in the session after Iran’s Revolutionary Guards said they had targeted a U.S. airbase in response to a U.S. attack in the port city of Bandar Abbas.
The agreement between the U.S. and Iran still needs final approval from President Donald Trump, who has told mediators that he wants a few days to make the final decision, Axios reported citing U.S. officials and a source involved in the mediation.
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