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Highlights
- Crude oil prices tumbled on Thursday.
- Both France and Iran said parties are closer to an agreement to revive the 2015 nuclear deal.
- Crude oil prices were hovering near seven-year high levels as investors are concerned about the potential war between Russia on Ukraine.
Crude oil slides more than 2% during the early trading session on Thursday after both France and Iran said parties are closer to an agreement to revive the 2015 nuclear deal. The significant news offset the ongoing supply concerns due to Russia-Ukraine tension.
Earlier, the prices were dropped after Russia stated that it has withdrawn some of the military units back to bases.
Crude oil prices were hovering near seven-year high levels as investors are concerned about the potential war between Russia on Ukraine, expected to disrupt the oil supplies as Russia is the largest producer of oil and gas in the world.
Must Read: Crude oil hits fresh seven-year high amid Russia-Ukraine tension
April delivery Brent Crude oil futures last traded at US$92.72 per barrel up 1.06%, whereas March delivery WTI crude oil futures traded 2.24% down at US$91.56 per barrel as of 17 February 2022 at 12:59 PM AEDT.
Revival of 2015 Nuclear deal
On Wednesday, France stated that a decision on salvaging Iran's 2015 nuclear deal with world powers is on the verge of finalisation.
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The news has cooled down the ongoing oil rally to some extent as it is expected to bring 1Mbpd of oil supplies into the market, on finalisation.
Also Read: WTI Crude surpasses US$90/bbl as frigid weather cascades across the US
Bottom Line
Crude oil prices tumbled more than 2% on Thursday after France and Iran indicated the finalisation of Iran's nuclear deal.
