Trump Says Negotiations with Iran Are Ongoing, Oil Prices Slightly Retreat
- On Tuesday, international oil prices retreated after the previous session’s sharp rise. US crude oil fell up to 1.2% to $90.99 per barrel, while Brent crude dropped as much as 1.5% to $93.86 per barrel. The market remains cautious about the progress of US-Iran peace talks, as signals from both sides are contradictory.
- On Monday, US President Trump stated that negotiations with Iran are still ongoing; however, Iranian official media Tasnim News Agency reported that Tehran has suspended indirect talks with the US.
- Both US and Brent benchmark contracts rose over 5% in the previous trading session, but in May, due to expectations of a peace agreement, they recorded a monthly decline of more than 16%.
- Analysts pointed out that even though the market previously hoped to escape uncertainty through a potential agreement, the current macro environment of the oil market has not undergone significant changes. The market is closely monitoring whether the US-Iran talks yield substantive progress, the tone and substance of statements from both sides, and the actual movements of tankers through the Strait of Hormuz—these factors will determine whether the current risk premium persists or begins to fade.
- Meanwhile, Lebanon announced on Monday that Hezbollah and Israel have reached a partial ceasefire agreement, somewhat easing regional tensions.
- On the supply side, affected by the Middle East crisis, US crude oil exports in May surged to a record 5.6 million barrels per day. Preliminary surveys show that US crude inventories are expected to decrease by about 3.6 million barrels for the week ending May 29. Shipping executives at a meeting in Athens urged that any US-Iran peace agreement must provide clear rules to ensure vessels can conduct business normally through the Strait of Hormuz.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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