A senior Iranian official told Reuters a final draft of the memorandum of understanding with the U.S. covered a range of issues, from Tehran’s nuclear work to reopening the Strait of Hormuz and U.S. waivers on oil sanctions, with a final deal to be discussed in the 60 days following agreement by the two sides.
Tag: Energy
Oil prices fell more than 3% on Friday to their lowest levels in nearly two months as U.S. and Iranian officials said they were close to an agreement to halt their war in the Middle East.
Roughly 7 million barrels a day of oil are getting out of the Persian Gulf with U.S. military help, Energy Secretary Chris Wright said on Friday at an event in Houston.
Three months into the Iran war, the oil market is coming to grips with an unexpected new reality: China, the world’s largest importer, needs much less fuel than previously thought.
Oil prices jumped on Thursday as Tehran declared the critical energy chokepoint, the Strait of Hormuz, closed after the U.S. launched additional strikes against Iran and as President Donald Trump vowed even more attacks if no peace deal is secured.
Oil prices rose nearly $3 a barrel on Wednesday after President Donald Trump said the U.S. is going to attack Iran “very hard” if no peace deal is finalized and as market data showed a larger-than-expected drawdown in U.S. crude inventories.
Saudi Arabia is on course to deliver more jet fuel to Europe this month than it did when the Strait of Hormuz was open, data from shipping trackers Kpler and Vortexa shows, underscoring the importance of Saudi’s bolstered exports via the Red Sea.
Oil prices inched up in early trade on Tuesday after Iran and Israel left the door open to a possible resumption of attacks on each other, though they had called a halt to hostilities following an appeal from U.S. President Donald Trump.
President Donald Trump’s approval rate held near the lowest levels of his political career in recent days as most Americans said they expected gasoline prices to keep rising amid the Iran war, according to a Reuters/Ipsos poll completed on Monday.
U.S. crude futures were up $2.57 at $93.11 per barrel.