Commodities
Oil Edges Higher as Russia-Ukraine War, Iran Deal Roil Market
- WTI’s prompt spread flips to contango for first time in months
- Moscow steps up threat of nuclear response to regular attacks
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Oil edged higher after swinging between gains and losses as Russia’s war against Ukraine escalated while Iran agreed to stop producing uranium enriched close to the level at which it can be used in nuclear weapons.
West Texas Intermediate fluctuated throughout the day but ended 0.3% higher, settling above $69 a barrel. Rising tensions between Ukraine and Russia triggered a rally that was later muted by Iran’s agreement on nuclear fuel. Brent settled little changed above $73 a barrel.