This trend is expected to continue, as indirect negotiations between the United States and Iran resume in Vienna.
On May 23, US Secretary of State Antony Blinken said the United States has yet to notice any real commitment from Iran to do whatever it takes to comply with the nuclear deal and thus allow the lifting of certain American sanctions. This statement cast a chill on the prospect of Iranian oil supply returning to the market.
A few days earlier, a European Union official said the possibilities for an Iran nuclear deal are strong. This had caused crude prices to fall by 3%, with investors fearing another glut.
On May 24, the American leader’s media release jumped a barrel of oil by 3.9% with Brent closing at $ 68.60 a barrel and WTI at $ 66.13 a barrel.