Crude oil was a touch weaker in early trade this morning. There is continued uncertainty over whether further peace negotiations between the US and Iran are likely to take place, or not, ahead of the ceasefire deadline tomorrow evening.
Despite this, both front-month Brent and WTI have largely been rangebound since the early hours of Monday morning. Brent has rarely strayed outside of $90-$92, while WTI has mostly kept within the borders of $86-$88 per barrel. Investors are back in ‘wait and see’ mode ahead of possible US-Iran peace negotiations in Pakistan.
Source: TN Trader
Vice President JD Vance was expected to lead the US delegation, although Iranian rhetoric suggested reluctance to return to talks. Iran’s parliament speaker reiterated that Tehran would not accept negotiations under threat conditions as the US continues to blockade Iranian ports in and around the Persian Gulf.
He warned that the country had prepared new responses on the battlefield. President Trump responded by saying that “lots of bombs will start going off” if no agreement is reached before the ceasefire expires, highlighting the fragile nature of the diplomatic situation.
