Brent crude falls then rebounds to $104 as U.S.-Iran talks spark volatility
Brent crude fell from $107. 24 to $100. 80 before climbing back to around $104, as traders reacted to conflicting reports on U. S. -Iran negotiations, according to OilPrice. com. Earlier, Brent and WTI prices rose about 1. 7% after a reported U. S. strike on Iran's Qeshm Island, reported by CNBC, following a modest price increase noted by OilPrice.
com after the strike report. The sharpest declines of more than 7% on were linked to hopes of diplomatic talks, as NBC News and The Times reported, with Brent dropping to $105. 65 and then to $100. 80. A draft peace proposal circulated after Iranian negotiators left Qatar, prompting a 4% fall in oil prices, according to OilPrice. com. Washington's preparation for a limited strike and widespread Gulf energy damage had been detailed by BigGo Finance. Prior analyses highlighted rising tanker charter and insurance costs through the Strait of Hormuz and a rebound in Gulf oil exports, reported by The Age, Al Jazeera and OilPrice. com.