Oil: US-Iran headlines drive sharp intraday swings – Deutsche Bank

FXStreet Insights Team FXStreet

Deutsche Bank strategists describe a volatile session for Brent Oil as conflicting signals from US-Iran nuclear talks in Geneva triggered a near 5% intraday range. Iranian comments on enriched uranium briefly pushed Brent to its highest level since June, before Omani mediation headlines reversed gains and left prices roughly flat by the close around $70.75 per barrel.

Brent whipsaws on nuclear negotiations

"In other news, we saw a volatile geopolitical backdrop amid conflicting headlines around US-Iran talks in Geneva yesterday."

"Reports by Iranian state media that Iran wouldn’t allow enriched uranium to leave the country saw Brent crude price move from -1.5% to +2.5% on the day, reaching its highest intra-day level since last June when Israel and the US carried out airstrikes against Iran."

"However, Brent was back to near flat on the day by the close (-0.14% at $70.75/bbl) after Omani officials, who have mediated the talks, cited “significant progress” and that technical nuclear negotiations would resume next week in Vienna."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

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