Oil dips on expectations that Iranian oil could cool global supply crisis

2 min read | February 08, 2022 02:04 PM AEDT | By Arpit Verma

Oil dips on expectations that Iranian oil could cool global supply crisis — Image source: Copyright © 2022 Kalkine Media®

Iran could cool boiling oil prices

If US sanctions are lifted, Iran will be able to export millions of barrels of crude oil to cool down the boiling prices of oil.

The US President’s administration restored sanctions waivers to Iran on Friday.

Iran has so far refused to sit down with U.S. diplomats but the officials from both nations are expected to meet on Tuesday in the Austrian capital.

The price of crude oil is expected to surpass the mark of US$100 per barrel amid robust demand and tight supplies. Oil has already gained 20% in 2022.

Rising oil prices

The oil market has also got support from ongoing geopolitical unrest between Russia and Ukraine.

Bottom Line

Crude oil prices settled lower on Monday on signals that the US could lift sanctions from Iran which can cool down the ongoing supply crisis and oil prices.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.