Uncertainty remains rife within oil markets after production cuts from Saudi Arabia were countered by economic concerns in the U.S., China, and Europe, OilPrice said.
US, Iran lower expectations for new deal. After a Middle East Eye report claimed that an interim nuclear deal with Iran was being discussed under which Iran would accept some limits on its program in return for partial sanctions relief, both Washington and Tehran vehemently denied the rumor and called it misleading.
Rumors that a U.S.-Iran deal was back on the table sent prices tumbling on Thursday, but denials from both countries boosted prices again. In yet another week of contradictions, the key market focus moved away from Saudi Arabia’s production cuts and week-on-week upticks in US product inventories, moving to a story that has been barely discussed in 2023 so far – the Iranian nuclear deal. Media reports that the US and Iran are close to a scaled-down nuclear deal were quickly refuted by both sides, leading to another seesaw motion in global oil benchmarks as Brent is set to finish the week around the $76 per barrel mark.