Oil Prices Fall 1% on Iran Nuclear Talk Signals
After Iran’s deputy foreign minister said on Tuesday that Tehran was ready to take any necessary steps to reach a deal with the U.S., it resulted in a 1% drop in crude oil prices. Iran, facing a U.S. military strike as threatened by President Trump, said it was ready to take any necessary steps to clinch a deal on nuclear talks.
Energy traders reacted quickly to the renewed possibility of progress in U.S.-Iran nuclear negotiations, as any agreement could impact sanctions policy and global crude supply flows.
West Texas Intermediate (WTI) Crude
West Texas Intermediate futures settled at $65.63 per barrel, down 1% or 68 cents on the New York Mercantile Exchange.
WTI remains sensitive to geopolitical headlines, particularly developments involving major OPEC+ producers and U.S. foreign policy decisions.
Brent Crude
Brent crude finished the day at $70.77 a barrel, falling 72 cents or 1%.
Brent, the international benchmark, continues to reflect broader global supply-demand expectations, especially concerning Middle East production levels.
Iran is considered the third-biggest crude oil producer in the OPEC+ countries and continues denying it is trying to develop an atomic weapon.
Natural Gas Prices
Natural gas prices continued their decline in Tuesday’s trading, finishing down $0.055 or 1.84% at $2.930 MMBtu.
Gas markets have recently experienced downward pressure amid shifting weather forecasts and supply expectations.
Oklahoma Energy Stocks
Nearly half of the Oklahoma energy stocks finished in the loss column on Tuesday. ONEOK fell 5% while Empire Petroleum gained 6%.
Trading activity among regional producers and midstream firms reflected broader commodity price weakness tied to developments in international diplomacy.