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(Bloomberg) — Oil extended a drop after President Donald Trump said the US and Iran were engaged in talks to end the Middle East conflict.
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West Texas Intermediate fell below $82 a barrel after losing more than 7% on Monday. Brent sank by the most in more than three months to close near $88.
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President Trump said he decided to pause strikes against the Islamic Republic to give negotiations another chance, according to Axios. Still, it remains unclear if any substantial discussions between the two sides were taking place.
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Crude has been whipsawed this month, initially surging as hostilities between Washington and Tehran re-escalated and the war spread to the Red Sea, then slumping in recent days as tensions eased. Still, traders remain cautious as tanker traffic through the Strait of Hormuz has yet to normalize.
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“I don’t think the Middle East is ‘solved’,” said Scott Shelton, energy specialist at TP ICAP Group Plc. There needs to be “real evidence of oil moving through the Strait of Hormuz, which I think has yet to happen,” he added.
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In the Middle East, negotiators from Iran and Oman are trying to reach a deal to restart shipping through the waterway, which links the Persian Gulf to global markets and used to carry a fifth of daily oil flows in peacetime.
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Iran and Oman, whose territories border the strait, are continuing discussions after their officials met in Tehran over the weekend, according to people familiar with the matter. A successful deal would then enable the Islamic Republic and the US to resume talks over ending their war, they said.
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