⛽ Oil prices pull back on US-Iran deal buzz
Crude oil traded near $94 per barrel on Thursday, cooling a peak of $97 amidst hopes of a US-Iran deal. Negotiators were exploring lifting naval blockades and easing sanctions on the Iranian economy. Recent strikes and pipeline attacks caused GCC oil exports to nearly halt. This supply crunch forced OPEC members to cut production, with Saudi output hitting a low since 1990. Lower Chinese stocks and low US SPR reserves add to the market pressure. ⛽