Oil Slumps 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 Slumps as Trump Holds Off Iran Attack, Says Talks to ResumeOil fell after US President Donald Trump called off a planned attack on Iran and said new talks with the Islamic Republic would begin on Monday.Author of the article:Kanoko Matsuyama and Alex Longley You can save this article by registering for free here. Or sign-in if you have an account.erl66qjfk(z8e9ir1[6z3l](_media_dl_1.png ICE, Bloomberg(Bloomberg) — Oil fell after US President Donald Trump called off a planned attack on Iran and said 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 AccountBrent for October lost more than 7% to dip below $83 a barrel, before paring some of the decline on mixed signals from Iran. Trump said on Sunday allies in the Middle East, including Saudi Arabia, had asked him to pursue a deal instead of an attack.The US leader said he’d agreed to cancel the assault, “subject to being able to rapidly make a DEAL” to quickly reopen the Strait of Hormuz, according to a post on Truth Social. “Get to work, everybody, and get it DONE.”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 againIran said Tehran was not in negotiations with the US, but that progress was being made in discussions with Oman to get more ships moving through the strait. Still, there’s little clarity on those negotiations and no sign the Islamic Republic is willing to allow vessels free passage through the waterway, which Trump has demanded.“The drop is a reflection of relief that further escalation has been avoided,” said Takahiro Asaoka, a commodities researcher at Itochu Research Institute Inc. “A sustained decline in oil prices is difficult unless there’s an agreement that allows shipping through the Strait of Hormuz to return to normal.”Brent swung through a roughly $32 range last month as fighting resumed following the collapse of a June truce. That saw the conflict spreading to the Red Sea before another pause in late July to allow diplomatic efforts to continue was shattered. While some ships are continuing to cross Hormuz, 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. That highlighted the persistent risks for shipping through Hormuz — which carried about a fifth of the world’s crude oil and liquefied natural gas in peacetime — after an LNG vessel was struck by a projectile late last week.European natural was little changed after falling as much as 6.3% in early Asian 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.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. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.