NEW YORK/LONDON (dpa-AFX) – Oil prices gave up initial premiums and fell on Monday. The price for a barrel (159 liters) of North Sea Brent for delivery in July fell to $107.72. This means that the global reference variety cost $1.41 less than on Friday
Oil prices were weighed down by speculation about a rapprochement between Iran and the USA. An Iranian media outlet reported that the United States had proposed a temporary suspension of sanctions on Iranian oil. This was a key demand from Tehran for agreeing to a peace deal and reopening the Strait of Hormuz.
However, the US did not confirm the offer of a suspension, which would apply until a final agreement was reached, reported the parastatal Iranian news agency Tasnim, citing a source close to the negotiating team.
Oil prices had previously increased again. On Sunday evening, US President Donald Trump threatened to resume the war against Iran. The US ally Israel is already preparing for a possible new start of joint attacks in Iran. An Iranian military spokesman warned, according to Tasnim, that any new “folly” by the US would result in “even more devastating and severe blows.”/jsl/he