Oil eases after Iran said US contacts continue
HONG KONG – Oil scaled back gains after hitting its highest price in a month yesterday as Iran said diplomatic exchanges with the United States were ongoing via mediators despite renewed conflict in the Middle East. Crude has surged over the past week as Washington and Tehran traded fire, raising fears of a sustained disruption... The post Oil eases after Iran said US contacts continue appeared first on New Era .
HONG KONG – Oil scaled back gains after hitting its highest price in a month yesterday as Iran said diplomatic exchanges with the United States were ongoing via mediators despite renewed conflict in the Middle East.
Crude has surged over the past week as Washington and Tehran traded fire, raising fears of a sustained disruption in the Strait of Hormuz, which normally carries around a fifth of the world’s seaborne oil.
Both Brent crude and US benchmark West Texas Intermediate extended their gains after climbing more than 4% at the end of last week. Brent was trading at US$89 a barrel after rising above US$91, its highest price since 11 June.
The latest moves came after Iran indicated that diplomacy with Washington was continuing through mediators, even as it struck Gulf targets and was targeted by US strikes.
