Many questions remain, including the state of Iran’s uranium stockpile and whether any ceasefire will lead to discussions about Tehran’s nuclear program. The Islamic Republic, which has denied it’s seeking an atomic weapon, has refused to give up the right to enrich uranium, a condition the US has insisted upon.
Trump, who is scheduled to attend a national security meeting in the Oval Office on Friday, has publicly mused for days about having the US increase the stakes by joining Israel’s strikes on Iran. His latest stance signals a step back after a run of tough rhetoric, including demands for residents of Tehran to evacuate, and his early departure from this week’s Group of Seven summit in Canada to return to Washington.
White House Press Secretary Karoline Leavitt read a statement from President Trump saying he’s weighing his options based on the potential for diplomacy with Tehran. The President’s position amounts to maybe peace, maybe war, maybe nothing. In the meantime, Israel has already escalated, bombing Iranian nuclear sites Thursday, and Iran has fired back with drones and missiles following a deadly strike on an Israeli.
Crude oil prices continued higher today as the war between Israel and Iran continued unabated, fuelling worry that oil supply from the biggest exporting region may be under threat of disruption.
The Trump administration is moving to repeal Biden-era curbs blocking oil drilling across most of the mammoth petroleum reserve in Alaska that’s home to an estimated 8.7 billion barrels of recoverable oil.
When U.S. President Donald Trump came into office in January, he promised to back greater oil and gas production, doubling down on his “drill, baby, drill” catch phrase. He rapidly introduced executive orders aimed at encouraging new oil and gas exploration across the country while reining in the renewable energy industry. However, since these early promises, Trump appears to be increasingly alienating the oil and gas industry as companies battle low oil prices, the uncertainty of a trade war, and several other challenges.
A turbulent week for global energy markets saw oil prices slide amid OPEC+ uncertainty and escalating U.S.-China tensions.
“We had some very good talks with Iran yesterday and today, and let’s see what happens,” Trump told reporters on Sunday at the Morristown Airport in New Jersey on his way back to Washington. “I don’t know if I’ll be telling you anything good or bad over the next two days, but I have a feeling I might be telling you something good.”
Oil fell for a second day after President Donald Trump said the US and Iran are getting closer to a deal regarding Tehran’s nuclear program, a move that could unleash more supplies onto a market that is rapidly approaching a glut.
Low inventories reported today by the Energy Information Administration (EIA) did nothing to staunch the bleeding, with WTI getting gutted nearly 4% on the day, and Saudi rumors throwing another spanner in the works, while new U.S. economic data suggests more pain is in store for the sector.