On Monday, the price of crude oil rose after Israeli Prime Minister Benjamin Netanyahu indicated that there are still outstanding issues in the conflict with Iran, while U.S. President Donald Trump rejected Iran's counter-offer to end the conflict.
The WTI futures contract, traded in New York and expiring in June, rose 2.4%, to $97.69 per barrel, while the Brent contract, expiring in July, rose 2.3%, to $103.68.
Trump publicly rejected the Iranian response to the negotiations via his Truth Social platform: "I just read the response from the so-called 'representatives' of Iran. I don't like it. COMPLETELY UNACCEPTABLE!"
In an interview with CBS's "60 Minutes," Netanyahu listed the conditions that, in his opinion, still need to be met: removing enriched nuclear material from Iran, dismantling enrichment sites, eliminating Iranian support for proxy groups, and halting the production of ballistic missiles. When asked how the nuclear material would be removed, Netanyahu replied: "You go in and you take it out."
Analysts at Citi noted in their latest oil report that prices could rise further if a deal is not reached, although they indicated that the market has factored in mitigating factors: high inventories, releases of strategic oil reserves, lower demand in developing economies, and intermittent signals of potential de-escalation. The bank projects…
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The WTI barrel, traded in New York, was approaching US$100 per barrel.
Oil prices rise as Trump rejects Iran's counter-offer.
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Crude oil prices rose on Monday after Israeli Prime Minister Benjamin Netanyahu indicated that the war with Iran still has outstanding issues, while US President Donald Trump rejected Iran's counter-offer to end the conflict.
The WTI futures contract, traded in New York and expiring in June, rose 2.4%, to US$97.69 per barrel, while Brent, expiring in July, rose 2.3%, to US$103.68.
Trump publicly rejected Iran's response to the negotiations through his Truth Social platform: "I just read the response from the so-called 'representatives' of Iran. I don't like it. COMPLETELY UNACCEPTABLE!"
In an interview with CBS's "60 Minutes" program, Netanyahu listed the conditions that, in his opinion, still need to be met: withdrawing enriched nuclear material from Iran, dismantling enrichment sites, eliminating Iran's support for Iran-backed militias, and halting the production of ballistic missiles.
When asked how the nuclear material would be extracted, Netanyahu replied: "You go in and you take it out."
According to CNBC, analysts at Citi noted in their latest oil report that prices could rise even further if a deal is not reached, although they indicated that the market has factored in mitigating factors: high inventories, releases of strategic oil reserves, lower demand in developing economies, and intermittent signals of possible de-escalation.
The bank projects that Iran will reach an agreement that will reopen the Strait of Hormuz by the end of May, but warned that the risks point to that deadline being extended or to a partial reopening, which would prolong disruptions.
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