Oil prices retreated below the $100 mark as diplomatic negotiations between the US and Iran are poised to resume Thursday. West Texas Intermediate crude initially spiked to $105 at Monday's open before sharp selling pressure emerged following news of the upcoming talks. The commodity has since stabilized near $98, reflecting the market's sensitivity to geopolitical developments. Energy traders continue to assess directional bias as the geopolitical risk premium remains a critical factor in crude valuations. Technical analysis suggests the market is consolidating after the volatile opening session, with participants awaiting clarity on negotiation outcomes and their potential impact on global oil supply dynamics.
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