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Oil Plunges After US-Iran Nuclear Deal Headlines

Oil Plunges After US-Iran Nuclear Deal Headlines

Oil prices just plunged following headlines from Vienna that Mikhail Ulyanov, Russia’s envoy to JCPOA talks, says “important news is likely to be released by tomorrow” and “the negotiations have made major progress”, in a statement to BBC Persian correspondent Kasra Naji.

WTI is back near a $63 handle…

And Brent is tumbling after breaching $70 earlier in the day…

The drop in price is likely due to any deal with Iran will 1) remove some mid-East tension premium (though Israel and Palestine are spoiling that, however, indirectly through Iran), and 2) the potential opening up of Iranian oil exports (legally, not illegally to China).

Tyler Durden
Tue, 05/18/2021 – 12:06

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