Oil Falls on Prospects of Higher Supply from Iraq, Russia
Oil fell on the prospect of higher supply from Iraq and Russia, as U.S. President Donald Trump seeks to end the three-year war in Ukraine.
Brent crude fell toward $74 a barrel, while West Texas Intermediate neared $70. The president of Iraq’s semi-autonomous Kurdistan region flagged the possibility of resuming oil exports next month after a nearly two-year shutdown.
Trump plans to meet with his Russian counterpart Vladimir Putin as early as this month. While traditional European allies have been sidelined, he has said Ukrainian President Volodomyr Zelenskiy will be involved in peace talks, a deal that could potentially affect the status of Russia’s sanctioned oil.
Crude has been rocked by Trump’s swift tariffs — some of which have been dramatically reduced — and threats of sanctions on producers including Iran. Oil prices jumped on Friday after U.S. Treasury Secretary Scott Bessent said the administration intended to reduce Tehran’s oil exports to less than 10% of current levels, before retreating amid doubts about the viability of the plan.
Source: Bloomberg
