US-Iran Talks Stall, Crude Prices Rebound Amid Supply Concerns

Crude oil prices rebounded on the New York Mercantile Exchange (NYMEX) after four consecutive sessions of losses, as US-Iran talks stall and supply concerns reignite. The front-month October contract for West Texas Intermediate (WTI) settled at $83.53 per barrel, a 1.6% increase from the previous day.

The White House Press Secretary Levitt stated that talks between the US and Iran are not currently taking place, fueling expectations of a prolonged supply deficit. Michael Lynch of Strategic Energy & Economic Research noted that the stalled negotiations have heightened awareness of a potential prolonged supply deficit.

Gold prices also rose on the New York Mercantile Exchange (COMEX), with the December contract settling at $4,664.00 per troy ounce, a 0.2% increase from the previous day.