A senior Iranian official told Reuters about Tuesday’s indirect talks with the United States:
- Reopening the Strait of Hormuz and lifting the U.S. blockade were discussed.
- Iran’s key priorities are permanently ending hostilities and lifting the U.S. naval blockade.
- Still many differences remain between Iran, US positions, but diplomacy continues
Meanwhile Secretary of State Rubio adds that talks on Iran on Tuesday were largely an exchange of ideas and messages.
Analysis: The important word for traders is discussed. Reopening Hormuz is on the table, but these comments do not say the two sides reached an agreement. Iran is also tying its priorities to a permanent end to hostilities and the lifting of the blockade.
For oil, the next question is whether the talks produce a concrete step that allows shipping through the strait to resume. Until then, the risk of continued disruption remains.
For the day at $92.28, currently trading at $91.40. That is still up on the day by around $0.90. The low for the day was at $88.71.
This article was written by Greg Michalowski at investinglive.com.