Oil Extends Decline as Trump Says in Talks With Iran to End War

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Or sign-in if you have an account.(Bloomberg) — Oil extended a drop after President Donald Trump said the US and Iran were engaged in talks to end the Middle East conflict.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe 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 ARTICLESSubscribe 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 ARTICLESCreate 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 accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountWest Texas Intermediate fell below $82 a barrel after losing more than 7% on Monday. Brent sank by the most in more than three months to close near $88. President Trump said he decided to pause strikes against the Islamic Republic to give negotiations another chance, according to Axios. Still, it remains unclear if any substantial discussions between the two sides were taking place.Crude has been whipsawed this month, initially surging as hostilities between Washington and Tehran re-escalated and the war spread to the Red Sea, then slumping in recent days as tensions eased. Still, traders remain cautious as tanker traffic through the Strait of Hormuz has yet to normalize. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again“I don’t think the Middle East is ‘solved’,” said Scott Shelton, energy specialist at TP ICAP Group Plc. There needs to be “real evidence of oil moving through the Strait of Hormuz, which I think has yet to happen,” he added.In the Middle East, negotiators from Iran and Oman are trying to reach a deal to restart shipping through the waterway, which links the Persian Gulf to global markets and used to carry a fifth of daily oil flows in peacetime.Iran and Oman, whose territories border the strait, are continuing discussions after their officials met in Tehran over the weekend, according to people familiar with the matter. A successful deal would then enable the Islamic Republic and the US to resume talks over ending their war, they said. This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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