Oil Falls After Iran Signals Progress in Nuclear Talks With US
Iranian Naval Forces take part in an exercise in the Strait of Hormuz, in this handout photo released by the Press Office of Islamic Revolutionary Guard Corps on Feb. 16.
Source: Islamic Revolutionary Guard Corps/Anadolu/Getty ImagesOil edged lower on signs that the US and Iran have made progress in nuclear talks, eroding a risk premium in benchmark futures prices.
West Texas Intermediate fell to settle near $62 a barrel after Iranian Foreign Minister Abbas Araghchi said that the two countries reached a “general agreement” on the basis of a potential nuclear deal that would lift sanctions on Tehran and ease the risk of war in the Middle East. Tehran’s negotiators are scheduled to return with a new proposal in two weeks, a US official said Tuesday.