Weekly Oil Report: U.S.-Iran Talks Show Divergence, Navigation a Key Variable

Deep News07:30

WTI crude oil opened lower on Monday morning, extending losses by over 4%, following a weekend plunge of more than 10% in off-market trading after former President Trump claimed a deal had been reached.

After a phone call with Israeli Prime Minister Netanyahu on Sunday, Trump shifted his stance, stating that a U.S.-Iran agreement "is not yet fully settled." He indicated that U.S. representatives need not rush into a deal with Iran and that sanctions on Iran would remain in place until an agreement is signed.

According to a report by Al Jazeera citing an Iranian source, the U.S. has shown signs of retreat on two core issues: the mechanism for unfreezing Iranian assets and the scope of the ceasefire in Lebanon. The source noted, "A negative atmosphere has begun to emerge."

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