From The Economic Times · Reuters · · 1m 10s
Oil Prices Drop as Iran-Ukraine Peace Hopes Press Markets
Oil prices fell over $1 Thursday as Iran-Ukraine peace talks boost market confidence.
In brief
Oil prices fell over $1 Thursday as Iran-Ukraine peace talks boost market confidence. Oil prices dropped more than $1 as hopes for Iran and Ukraine peace talks pressured markets. Originally reported by The Economic Times.
Oil prices drop
Oil prices dropped more than $1 on Thursday as hopes for progress in Middle East and Russia-Ukraine peace talks pressured the market.
Brent futures fall
Brent futures lost $1.14, or 1.2%, to $91.62 a barrel by 0141 GMT.
WTI crude futures fall
US West Texas Intermediate crude futures fell $1.04, or 1.2%, to $85.49.
Nissan Securities view
Markets are falling on expectations that behind-the-scenes efforts are underway to secure a ceasefire between Russia and Ukraine.
“Markets are falling on expectations that behind-the-scenes efforts are underway to secure a ceasefire between Russia and Ukraine and that it is unlikely the Iran war will escalate ahead of the US-China summit next week”
Iran nuclear stance
Iran will not allow even a single particle of enriched nuclear material to leave the country.
“Iran will not allow even a single particle of enriched nuclear material to leave the country and there will be consequences if US launches new strikes”
US-China summit
Iranian security chief said there will be consequences if US launches new strikes.
“Iranian security chief Mohsen Rezaei said in televised remarks that there will be consequences if US launches new strikes”
OPEC+ production
OPEC+ crude oil production jumped in October, led by Saudi Arabia despite Hormuz Strait disruptions.
In short
Oil prices dropped more than $1 as hopes for Iran and Ukraine peace talks pressured markets.
