Brent Crude downs by 0.45% over potential Iran Nuclear deal

By Uthman Salami

Brent crude price at the international global market has reduced by 0.45 per cent as opposed its earlier gain on Wednesday.

Report had it that the price reduction could have been associated to the rumors that a deal on Iran’s nuclear activities could be signed within 72 hours sent oil prices lower.

According to a report on oil.prices.com, Iranian energy journalist Reza Zandi was quoted to have said “Iran’s oil is returning to the market under golden circumstances.”

Although crude prices fell over this deal, they have recovered a bit since.

Rumors that a deal on Iran’s nuclear activities could be signed within 72 hours sent oil prices lower on Thursday morning after Brent and WTI had hit nine and 11-year highs, respectively, in earlier trade.

“I have received definitive news that within the next 72 hours the nuclear deal will be signed in Vienna. Even if it might take a couple of days more or so, what appears to be certain is that the deal will be reached. Iran’s oil is returning to the market under golden circumstances,” Iranian energy journalist Reza Zandi tweeted on Thursday.

Earlier on Thursday, as of early morning trade in Europe, WTI Crude had jumped by 5.16per cent to $116.44, the highest level since 2011, while Brent Crude had rallied by 5.89per cent at $119.77, the highest since 2013.

As of 9:40 a.m. ET, WTI Crude was down 1.19per cent at $109.38, and Brent Crude traded down 0.45per cent at $112.32 after rumors of an Iranian nuclear deal emerged.

The Iran nuclear talks are in their final critical stage, and negotiators are looking to “finish the job.”

Sources monitoring the negotiations between the ‘P5+1’ group of nations (U.S., UK, France, China, and Russia, plus Germany) and Iran who had spoken to OilPrice.com had said mechanism to achieve this — a new iteration of the Joint Comprehensive Plan of Action (JCPOA) — is “tantalizingly close to being done,” according to Oilprices reporter, Simon Watkins.