Oil Markets Hold Breath as US-Iran Talks Renew Supply Fears
Crude oil futures are moving sideways as investors await renewed talks between the US and Iran. The increased crude flows from the Middle East have helped ease supply fears, but market participants remain cautious about the potential outcome of these diplomatic efforts.
The latest development comes after President Donald Trump described a meeting with Iranian officials in New York as 'very good', suggesting that another round of talks may be on the horizon. This has sparked renewed interest in the Middle East's oil production and exports, with Saudi Aramco recently issuing a crude oil tender for ship-to-ship transfer in the Gulf of Oman.
However, the market is also keeping a close eye on US commercial crude inventories, which have seen their first gain in four weeks. Refinery runs took a hit, particularly in the Midwest, contributing to this increase.