Tag: Iran

Oil prices extended losses on Tuesday to hit a two-week low on what the market viewed as lower risk of supply disruptions in the Middle East, though U.S. President Donald Trump accused both Israel and Iran of violating a ceasefire he helped to broker.

President Donald Trump on Sunday indicated there was progress with Iran on its nuclear program and hinted that an announcement could come in the “next two days.”

President Donald Trump said the US had presented Iran with a proposal over Tehran’s nuclear ambitions and that the country’s negotiators needed to move soon on the offer as talks intensify.

Iranian oil shipments into China are set to fall in the near-term after new U.S. sanctions on a refiner and tankers, driving up shipping costs, but traders said they expect buyers to find workarounds to keep at least some volumes flowing.

Oil advanced as the US tightened sanctions against Iran and Russia, countering some of the slump triggered by a dour demand forecast from the International Energy Agency on Thursday.

Oil rose after US Treasury Secretary Scott Bessent said the Trump administration remains committed to reducing Iran’s oil exports.