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(Bloomberg) — Oil slipped on signs that Iran will attend negotiations with the US in Islamabad before a ceasefire between the sides ends.
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West Texas Intermediate for June fell as much as 2.2% to around $86 a barrel, while Brent closed 5.6% higher on Monday at more than $95. Iran is sending a team to the Pakistani capital, according to people familiar with the plans who declined to be identified. Earlier, Tehran had said it was hesitant to participate in further peace talks with the US.
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Vice President JD Vance is leaving later on Monday to resume negotiations, “either Tuesday night or Wednesday morning,” Donald Trump said in a phone interview on Monday. The US president said it’s “highly unlikely” that he’d extend the truce, which expires on “Wednesday evening Washington time.”
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Oil prices have been buffeted in recent days amid rapidly shifting perceptions of the negotiations’ status and whether ships can navigate the Strait of Hormuz — the waterway through which nearly a quarter of the world’s crude normally transits. The standoff over Hormuz threatens to deepen the global energy crisis and is just one of the unresolved issues between Iran and the US, which also include the Islamic Republic’s nuclear capabilities and Israel’s invasion of Lebanon.
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“Traders are still trading newsworthy comments from either side and are hoping that the supply disruption will be short-lived,” said Michael Tamvakis, professor of commodity economics and finance at Bayes Business School.
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Monday’s session saw conflicting statements from Trump about the timing and viability of peace talks. Oil extended gains after he said that the US would continue to block the strait for Iran-linked ships until an agreement is finalized.
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Meanwhile, Hormuz flows remain at a virtual standstill. Oil prices could rise to $110 a barrel if traffic in the waterway remains disrupted for another month, according to Citigroup.
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—With assistance from Mia Gindis.
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English (US)