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Home Energy

Oil falls on prospect of Iran oil sanctions easing

Business 360 by Business 360
February 18, 2022
in Energy
0
Oil prices drop, but on track for steep weekly gain

Oil prices retreated on Friday after wild swings during the week, as the prospect of extra supply from Iran returning to the market outweighed fears of a possible Russian invasion of Ukraine, which could disrupt supply.

Brent crude futures fell 68 cents, or 0.7%, to $92.29 a barrel at 0124 GMT, extending a 1.9% drop from the previous session. U.S. West Texas Intermediate (WTI) crude futures shed 67 cents, or 0.7%, to $91.09 a barrel, after sliding 2% in the previous session.

Both benchmark contracts were headed for their first weekly fall in nine weeks after hitting their highest points since September 2014, with a deal taking shape to revive Iran’s 2015 nuclear agreement with world powers. Diplomats said the draft accord outlines a sequence of steps that would eventually lead to granting waivers on oil sanctions.

That would bring about 1 million barrels a day of oil back to the market, but the timing is unclear. “Nevertheless, the spectre of a potential 1 million b/d hitting the oil market saw Brent crude oil prices come under pressure,” ANZ Research analysts said in a note.

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