Oil prices fluctuated on Tuesday as energy market participants closely watched the potential for new talks between the U.S. and Iran in Qatar.
International benchmark Brent crude futures with August delivery increased by 0.3% to $72.93 per barrel. The contract is on track to close June approximately $19 lower, or 20% below the closing price on May 29. Meanwhile, Brent crude futures with September delivery rose 0.2% to $74.09.
U.S. West Texas Intermediate futures traded 0.06% higher at $70.79, a 19% decrease from last month’s close.
President Trump announced on Truth Social Monday that talks between the two nations will occur in Qatar’s capital on Tuesday.
In a follow-up post, the President called for gas retailers to lower their prices.
“Gasoline Retailers must get their Prices down, IMMEDIATELY! They’re too high considering that Oil is now at $68 a Barrel, and heading south. The Retailers must quickly react to this statement, and do what they know is right — DROP YOUR PRICE FOR OUR GREAT AMERICAN PEOPLE! There will be no gauging, which is totally illegal. If Retailers don’t do this, big problems lie ahead! Start targeting around the $2.50 a Gallon number, and California should stop charging such heavy Taxes on their Gasoline. Soon the Tax will be higher than the Product itself, and the United States will not stand for it, nor will the People of California, who are being abused by these ridiculous Taxes, and by their own Government. President DONALD J. TRUMP”
A spokesperson for Iran’s Foreign Ministry stated on Monday that no talks are currently scheduled for the upcoming days. They also clarified that the visit of an Iranian technical delegation to Qatar this week is unrelated to the U.S. officials visiting the country.
The mixed messages highlight how fragile the U.S.-Iran interim peace deal, announced on June 17, is, aiming to pause fighting that has significantly disrupted global oil flows through the strategically vital Strait of Hormuz.
By CEO NA Editorial Staff
