Oil Steadies as U.S. Avoids Harsh Sanctions, Iran Nears Endgame
- Iran nuclear talks nearing end that may pave way to agreement
- Crude pares back surges driven by Russia-Ukraine volatility
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Oil pared gains as U.S. President Joe Biden appeared to avoid implementing the harshest sanctions against Russia while Iran nuclear diplomacy seemed nearer to a conclusion that could provide some relief to global energy markets.
Futures in New York closed 1.4% higher, clipping earlier gains of 5.4%, while Brent settled just under $97 a barrel Tuesday. The international benchmark zoomed toward $100 a barrel on Monday, stopping at $99.50, after Russian President Vladimir Putin signed an order to send what he called “peacekeeping forces” to two breakaway areas of Ukraine. Biden announced that they will impose further sanctions on Russia by implementing sanctions on Russian sovereign debt.