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The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

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Commodities

8 Feb 2022

Oil Loses 7-Year High Streak before Talks between U.S. and Iran

The Index Today

Oil prices retreated on Tuesday prior to indirect U.S.-Iran political negotiations pertaining to a potential nuclear deal that could withdraw sanctions on Iranian oil sales which can possibly boost global oil supply.

Brent crude dropped by 0.15% to $92.55 per barrel by 0347 GMT. This comes after it hit a seven-year high on Monday at $94. U.S. West Texas Intermediate crude dipped by 1 cent to $91.31 per barrel.

Oil was able to reach seven-year highs recently, bolstered by geopolitical tensions between Russia and Ukraine, inclement weather conditions in the U.S., and by ever-growing demand as world markets recover from their pandemic-induced slump.

The U.S. and Iran are holding implicit talks in Vienna over the 2015 Iran nuclear deal. While the U.S. is reportedly amenable to removing certain sanctions, Iran seeks a complete elimination of the same along with an assurance of zero penalties moving forward.

Clay pottery with table linens