Oil Slips as Iran Rejects Qatar Talks, Brent Holds at $72.72
Updated
Updated · CNBC · Jul 1
Oil Slips as Iran Rejects Qatar Talks, Brent Holds at $72.72
3 articles · Updated · CNBC · Jul 1
Summary
Brent crude fell 0.3% to $72.72 a barrel on Wednesday and U.S. WTI lost 0.5% to $69.17 after Iran said it would not meet U.S. delegates in Qatar.
Tehran said Washington and Iran still must settle terms of the interim peace deal signed last month before moving to harder issues, including possible limits on Iran's nuclear program.
Jared Kushner and U.S. envoy Steve Witkoff arrived in Doha on Tuesday, but Qatar said they would meet mediators rather than hold direct talks with Iranian officials.
The June 17, 14-point memorandum aimed to pause fighting that had disrupted flows through the Strait of Hormuz, which carries about 20% of global oil traffic.
Despite the diplomatic setback, ING said the market still expects Middle East supply to recover; tanker traffic into the Persian Gulf has started to pick up, a potential brake on any oil rebound.