Oil Flat After US Considers Waivers to Iran Oil Sanctions

Oil prices were mixed on Tuesday, as price gains on supply concerns in Norway and Libya were tempered by the United States’ indication that it would consider requests for waivers from Iranian oil sanctions.


West Texas Intermediate graph

Brent crude futures LCOc1 gained 48 cents to $78.55 per barrel by 1:45 p.m. EDT (1745 GMT). Earlier, the global benchmark hit a session high of $79.51.

U.S. crude futures CLc1 were down 7 cents at $73.78, after hitting a high of $74.70.

Earlier in the session, prices had been within striking distance of the four-year highs, said Bob Yawger, director of energy futures at Mizuho.

Prices retreated after U.S. Secretary of State Mike Pompeo said that the United States would consider requests from some countries to be exempted from sanctions on Iranian oil that it will put in effect in November

via Reuters

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