Commodities
US-Iran Talks Spark Oil Price Volatility Amid Tight Supply
Oil prices are fluctuating as traders weigh progress in US-Iran talks against tight supply in the Middle East.
West Texas Intermediate futures reversed earlier gains of up to 4.5% and were trading around $91 a barrel after US President Donald Trump said he was willing to give Iran sanctions relief for concrete progress on the nuclear issue.
Traders are skeptical about the prospects of a deal, however, given repeated false starts and conflicting signals on progress toward a US-Iran ceasefire and the reopening of the Strait of Hormuz.
Saudi Arabia has restored half of its East-West pipeline flows, which were hit by drones earlier this month, bringing total flows through the key conduit to around 3.5 million barrels per day.