Oil Falls After Media Reports Ignite Iran-US Rumors, US Denies
- Haaretz and others report Iran and US making progress in talks
- US State Department says reports are “false and misleading”
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Oil dropped on regional media reports that ignited speculation the US and Iran are nearing a deal that would pave the way for more Iranian crude exports. US officials denied the reports.
West Texas Intermediate fell as much as 4.8% before paring losses and settling near $71 a barrel. Regional media including Israel’s Haaretz said Iran and the US have made progress in talks over the Islamic Republic’s nuclear program. Any agreement to restore the 2015 nuclear deal, which the Trump administration voided, would likely include the US waiving sanctions on purchases of Iranian oil, potentially releasing a flood of exports.