To The Moon

Oil Ends Below $100 Again as Biden Admin to Okay an Iran Deal in U.S. Interest. The White House says an Iran nuclear deal that’s good for the United States will be good for the Biden administration. And that was good enough to send oil tanking back to below $100 a barrel on Thursday. “If it is in our best interests, the U.S. will agree to the Iran deal,” White House spokeswoman Karine Jean-Pierre told a media conference Thursday as the back-and-forth effort to revive Iran’s 2015 nuclear deal with global powers went forth again, threatening to deliver an additional one million barrels per day of crude into the market should Tehran win reprieve from U.S. sanctions. “Granted that there’s been a lot of back-and-forth on Iran over the 20 months of this administration and even now, there’s no guarantee that the deal will be restored,” said John Kilduff, founding partner at New York energy hedge fund Again Capital. “But the latest noises on this that have emerged from both the White House and Tehran have been positive, and that’s a negative for oil prices if it means having what could be a ballpark figure of some million additional barrels per day landing on the market.”

Prior to the White House’s comment on Thursday, the State Department said the United States has conveyed its official response to the European Union’s proposal to salvage the seven-year-old agreement.

Iran also confirmed that it had received the U.S. response.