A series of headlines, some contradictory, on where things stand with Iran nuclear negotiations with the US, sent oil sliding, then pumping, then extending losses again.
One senior Iranian official told Reuters that Iran is ‘ready’ to discuss limitations on its uranium enrichment, while a quick follow-up headline said “zero enrichment will undoubtedly be rejected” by Iran “especially now, under Israel’s strikes.”
The official said “the role of European powers is now more prominent, as Tehran is unwilling to engage with US amid Israeli attacks. After that glimmer of hope offered for negotiations, the clarification that nothing has in fact change, sent oil sliding further Friday morning.
Oil prices declined on Friday but stayed on track for a third straight weekly increase, following the White House’s postponement of a decision regarding U.S. participation in the Israel-Iran conflict.
By 1000 GMT, Brent crude futures had dropped $1.89, or 2.4%, to $76.96 per barrel, though they remained poised for a weekly gain of nearly 4%.
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