Oil tumbles on speculations that Iran's supply will resume soon

October 29, 2021 01:03 PM AEDT | By Arpit Verma

Oil tumbles on speculations that Iran's supply will resume soon — Image source: RachenStocker, Shutterstock.com

Iran supply

Iran’s top nuclear negotiator, Ali Bagheri Kani on Wednesday stated that the country is in talks with nearly six world powers to revive the iconic 2015 nuclear deal, expected to resume by November end.

Crude oil prices

Crude oil | Source: © Batareykin | Megapixl.com

The significant deal could pave the way to lift the sanctions imposed by the former US President Donald Trump in 2018 on the country's oil exports.

Additionally, as per the U.S. Energy Department, U.S. crude stocks rose by 4.3 million barrels in the last week. The huge stock build was witnessed because of a huge jump in crude oil imports while refining remained sluggish.

Bottom Line

Crude oil prices tumbled on Thursday to settle at nearly two-week lows as concerns about the US supply growth rose on speculations that Iran’s supply will resume soon.

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