US Dumps Iran Deal Hopes: Oil Prices Rise Amid War Uncertainty
Crude oil prices rose on Thursday after a Wall Street Journal report indicated that the US has no interest in returning to the terms of the deal it signed with Iran in June, casting doubt on oil flows from the Middle East returning to normal anytime soon.
The article stated that President Trump has no interest in returning to the terms of the ceasefire deal, dashing hopes that a deal between Iran and Oman to reopen the Strait of Hormuz could pave the way for a broader agreement with the US.
Crude prices also have support on concerns that Russian crude production could be disrupted further after a Bloomberg News report said that Russia is preparing to escalate attacks on Ukraine after concluding that negotiations for a peace deal have reached a dead end.