Oil Edges Down as Traders Focus on Supply Risks in Middle East
The Strait of Hormuz is a critical trade artery for Middle East energy shipments that links a slew of producers to global markets.
Photographer: Marcelo del Pozo/BloombergOil slid in a choppy session as traders parsed mixed signals on the risks of supply disruptions in the Middle East.
West Texas Intermediate edged down to settle near $64 a barrel, snapping a two-day winning streak, amid competing headlines on the status of diplomatic negotiations between the US and Iran. Prices dropped after Oman’s Foreign Minister Badr Albusaidi said that discussions during last week’s Iran-US talks were productive. Minutes later, futures pared some losses on an Axios report that US President Donald Trump might send a second aircraft carrier to the Middle East if negotiations on Iran’s nuclear program and other issues fail.