Brent crude slips 3% below $90 on Iran-US diplomacy
Brent crude falls 3% to around $89.5 a barrel, extending a 2.4% prior-session loss as signs of possible Iran-US diplomatic progress ease supply-disruption concerns.
Brent crude oil fell 3% to around $89.5 a barrel on Tuesday, extending a 2.4% loss in the previous session, as signs of possible diplomatic progress between Iran and the US eased concerns over supply disruptions.
Pakistan’s army chief concluded a one-day visit to Tehran as part of efforts to reduce tensions, with reports suggesting he carried a proposal involving potential sanctions relief under an existing memorandum of understanding.
Meanwhile, Washington’s latest measures to increase economic pressure on Iran were less severe than markets had anticipated.
US Treasury Secretary Scott Bessent said countries trading with Tehran would be given a deadline to wind down their links or risk unilateral penalties.
Investors remain uncertain whether the strategy will affect oil flows through the Strait of Hormuz or instead increase tensions with China, Iran’s main crude buyer.