Oil prices dip as Vance reports progress in Iran talks
Brent and WTI crude futures settled down on Tuesday after the White House indicated that both the U.S. and Iran are seeking a deal to avoid further military action. Despite the slight price decline, global supplies remain tight as the Strait of Hormuz remains closed and Chinese refinery output continues to drop.
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Brent Crude Oil and West Texas Oil settled lower Tuesday after the United States reported progress in diplomatic talks with Iran. Brent futures fell 0.73% to $111.28 a barrel, while the June WTI contract dropped 0.82% to $107.77. The price retreat follows a period of multi-week highs as investors weigh the potential for a de-escalation in Middle East hostilities.
