Oil Prices Drop by More than 2% in the Face of Progress in Nuclear Talks with Iran

Crude oil closed down 2% on Thursday (Feb. 17) on signs of progress in negotiations on the nuclear agreement with Iran. This could allow Iran to resume exporting oil to the world market.

  • WTI crude futures were down $1.9, or 2%, at $91.76 a barrel.
  • BRENT crude futures were down $1.84, or 1.9%, at $92.97 a barrel.

Crude oil futures eased after U.S. State Department spokesman Ned Price said indirect talks between the U.S. and Iran on nuclear issues are nearing the final stage.

Previously, the United States had eased some of its sanctions against Iran. However, Iran called on the United States to lift all sanctions and guarantee that no sanctions would be imposed on Iran in the future.

However, tensions in Ukraine continue to support the oil market. Recently, U.S. Secretary of State Antony Blinken stated that Russia is preparing to attack Ukraine and is expected to use weapons with high destructive power.

“Conventional attacks are not all that Russia plans to inflict upon the people of Ukraine.”

Moreover, Blinken revealed that Russia is planning to create a situation that will serve as a pretext for an attack on Ukraine.

“This could be a violent event that Russia will blame on Ukraine, or an outrageous accusation that Russia will level against the Ukrainian government. We don’t know exactly the form it will take. It could be a fabricated so called terrorist bombing inside Russia, the invented discovery of a mass grave, a staged drone strike against civilians, or a fake — even a real attack —using chemical weapons,” according to Blinken

Bliken’s statement came shortly after President Biden said that the risk of an attack on Ukraine is “very high”.

The Spot Market is Open

Friday, February 18, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
10.40

90.97

-0.79

-0.86%

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