WTI rebounds as White House says “No deal on Iran oil”

On Thursday, the White House denied a new report that the United States and Iran were close to a deal in which Iran would limit its nuclear program in return for sanctions relief.

As a consequence, crude oil prices rebounded, trimming losses. The WTI barrel is down by just 1.50%, hovering around $71.50 after falling earlier to $69.10, the lowest level in a week.


Oil prices pared some losses after falling by more than $3 per barrel on Thursday after the White House declared that the US-Iran talks on oil exports as false.

Earlier on the day, oil fell sharply on the report, which cited two unnamed sources as saying that Iran and the U.S. are nearing a temporary deal that would trade some sanctions relief in exchange for reducing Iran’s uranium enrichment.