Crude oil futures settle at $96.35, down 1.94% on claims of US-Iran draft agreement
The price of WTI crude oil futures is settling at $96.35, up $1.91 or 1.94% on the day. We got a rally in the morning on reports that Iran’s Supreme Leader forbid uranium removal as traders expected the US-Iran stalemate to persist. We then got an Iranian official denying these reports which sent oil prices slightly lower as earlier positions got unwound.
Finally, we got a significant selloff following claims on Al-Arabiya TV that US and Iran have reached a draft agreement which included the reopening of the Strait of Hormuz and that the deal would have been announced in the following few hours.
This article was written by Giuseppe Dellamotta at investinglive.com.