Oil Slips as Trump Holds Off Iran Attack, Says Talks to Resume

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessOil Slips as Trump Holds Off Iran Attack, Says Talks to ResumeOil fell after US President Donald Trump said he called off a planned attack on Iran and that new talks with the Islamic Republic would begin on Monday.Author of the article:Kanoko Matsuyama, Charles Gorrivan and Mia Gindis You can save this article by registering for free here. Or sign-in if you have an account.p1qfzjeu961u1p88nia78{w2_media_dl_2.png ICE, Bloomberg(Bloomberg) — Oil fell after US President Donald Trump said he called off a planned attack on Iran and that new talks with the Islamic Republic would begin on Monday.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 lost more than 7% in early trading, before paring some of the decline on mixed signals from Iran, to trade near $79 a barrel. Iran suggested negotiations with Oman to get more ships moving through the Strait of Hormuz are making progress but it was not “currently” in talks with the US. Trump said on Sunday allies in the Middle East, including Saudi Arabia, had asked him to pursue a deal with Iran instead of an attack, adding that further negotiations are contingent on the reopening of Hormuz. Before the war, the waterway carried about a fifth of the world’s oil supply. Still, there’s little clarity on those negotiations and no sign the Islamic Republic is willing to allow vessels free passage through the strait. 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“The market read for crude oil is overly bearish, as to be expected with the asymmetric downside sensitivity to headlines, but we anticipate the market may be quickly disappointed when the flows don’t surge like they did post MoU,” said Ryan McKay, senior commodity strategist at TD Securities.The US benchmark swung through a roughly $26 range last month as fighting resumed following the collapse of a June truce and memorandum of understanding, and the conflict expanded to the Red Sea. The US pulled back on daily strikes in late July. Hormuz is again all but shut. While some ships are continuing to cross the strait, there’s still a significant threat to vessels in the waterway. UK Maritime Trade Operations said a tanker off Oman reported an explosion in close proximity on Sunday, highlighting the persistent risks for shipping.European natural gas also pared losses after falling as much as 6.3% in early trading. Meanwhile, Gulf producers continue to seek alternative export routes. Turkey and Iraq agreed to extend an expired oil pipeline deal by one year that would be able to export as much as 750,000 barrels a day, according to Iraq’s Oil Ministry.Elsewhere, Kazakhstan’s Energy Ministry said the Caspian Pipeline Consortium continues to operate with oil intake at 100,000 tons a day from Aug. 1 after a temporary suspension on Friday. While CPC will allow vessels to load from its terminal on Russia’s Black Sea coast, the pace of exports will also depend on whether tankers are willing to risk the journey. A series of drone attacks on tankers loading at or near the facility has disrupted flows from the CPC, the main export route for Kazakh crude that’s widely used by European refineries.—With assistance from Alex Longley.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. 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