.jpg)
1 hour ago
2
Article content
(Bloomberg) — Oil steadied after its biggest gain in about a month, as uncertainty about the state of US-Iran peace talks raised the risk that energy flows from the Persian Gulf could be curtailed for longer.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
West Texas Intermediate traded near $92 a barrel, after adding more than 5% in the previous session, while Brent settled just under $95. Prices surged Monday on a report that Tehran was halting talks with Washington in protest of Israel’s attacks in Lebanon, before paring after US President Donald Trump said the negotiations were continuing.
Article content
Article content
Article content
The US president said a memorandum of understanding with Iran to reopen the Strait of Hormuz could happen over the next week, according to a telephone conversation he had with ABC News. The US still had “to get a few more points” before a deal, he said.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The lack of clarity over the potential extension of the current ceasefire — and the future of energy flows through the Strait of Hormuz — has buffeted oil prices, which fell last month on optimism a deal could be reached. The report by Iran’s semi-official Tasnim news agency also said that Tehran and its regional proxies have placed on their agenda the complete closure of Hormuz, as well as the Bab el-Mandeb Strait — a crucial alternative for oil exports.
Article content
“Further indications that the parties are no longer actively negotiating would also remove some of the security blanket the market has been relying on to price toward a best-case outcome,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Group. “We’ve seen plenty of back-and-forth throughout this conflict, and nothing has been set in stone.”
Article content
Adding to the confusion, Trump and Israeli Prime Minister Benjamin Netanyahu offered differing accounts of a call about the fighting in Lebanon. A US-brokered ceasefire between Tel Aviv and Hezbollah should be extended from Beirut to include the entirety of Lebanese territories, with more negotiations taking place on Tuesday and Wednesday, the Lebanese presidency said in a post.
Article content
Article content
—With assistance from Mia Gindis.
Article content
English (US)