Oil Reverses Gains on Renewed Hope of Peace in Iran

Crude oil prices reversed their climb this morning, retreating on reports that efforts are being made to negotiate another ceasefire between the United States and Iran.

Brent crude was trading at $88.77 per barrel at the time of writing, down from over $90 per barrel, and West Texas Intermediate was changing hands for $82.31 per barrel despite continued missile strikes in the Persian Gulf and President Trump’s threat to punish Iran for the deaths of several U.S. troops.

Reports about ceasefire efforts focus on negotiating a ten-day ceasefire…