Oil Futures Gain with Little U.S.-Iran Diplomatic Progress Seen
Dow Jones
Sep 24
0953 ET - Oil futures extend their recovery into a second session with little progress seen toward direct talks between the U.S. and Iran. Prices have been contained by continuing flows through the Strait of Hormuz and the restart of Saudi Arabia's East-West pipeline, but the market remains cautious as long as the conflict drags on. "Crude oil remains in strong demand, as there is still no evidence of a breakthrough toward a diplomatic solution that would bring the parties back to the negotiating table," Peter Cardillo of Spartan Capital says in a note. WTI is up 1.9% at $93.92 a barrel and Brent is 2.2% higher at $105.36 a barrel.
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