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CRUDE WRAP: WTI (X6) SETTLES USD 2.20 LOWER AT USD 92.41/BBL; BRENT (Z6) SETTLES USD 2.78 LOWER AT USD 97.44/BBL

Sessions where crude sells off on diplomatic progress between the US and Iran follow a well-worn pattern: the risk premium built around Gulf supply disruption unwinds on the headline, then partially rebuilds when the rebuttals arrive, which they have here from both a senior Iranian official and Fars.

Newsquawk StaffPublished On the live feed at , 20 minutes before this page
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CRUDE WRAP: WTI (X6) SETTLES USD 2.20 LOWER AT USD 92.41/BBL; BRENT (Z6) SETTLES USD 2.78 LOWER AT USD 97.44/BBL

EU Energy Chief Invites consideration of extra measures to sustain gas storage injections or reduce gas and power demand.

Axios' Ravid rejects Fars' claims that Axios had reported of another round of US-Iran talks

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Crude prices settled lower on reports of diplomatic progress following a US-Iran meeting at the UNGA this week. Downside was seen in response to US outlets reporting on remarks from Al Jazeera that US-Iran negotiations have moved beyond initial diplomatic contacts into a more detailed technical phase, with sources in Tehran describing the atmosphere as increasingly positive. Additionally, the Iranian President noted Iran is ready for an agreement with the US and could give up highly enriched uranium if it reaches an agreement with the US. Following the above, a Senior Iranian official speaking to Reuters affirmed the Strait of Hormuz will remain closed, and there will be no nuclear talks with the US until its conditions are met, and no nuclear concessions will be made. Also, Fars, citing a source, noted that Western reports of another round of US-Iran talks are false. Despite the rebuttals, crude prices remained lower post the CBS report. 

Energy updates:

  • White House eyes diesel fuel moves that fall short of an than export ban, Politico reported.
  • Russian gas supplies have restarted to Armenia, Ifx reports.
  • Kremlin says it will tie a diesel solution to Black Sea shipping security; sanctions must be lifted to end Russia's diesel export ban.
  • EU Energy Chief signals delay to methane rules for imports.
  • Russia's Perm refinery halted processing after a drone attack on Friday, according to Reuters, citing sources.
  • Saudi Arabia's crude oil exports have surged this month despite a sharp escalation in fighting with Iran-backed militants, according to CNBC, citing data from Kpler.
Context

The settled-lower close despite the denials suggests the market weighted the technical-phase framing over the pushback, consistent with past episodes where concrete procedural detail carried more signal than blanket dismissals. The key distinction in these episodes is between headline-driven premium unwinds, which retrace quickly if talks stall, and actual sanction relief, which would bring physical barrels and is a much slower, verification-gated process; nothing in this wrap reaches the second category. The conflicting reporting, with the Strait of Hormuz assertion sitting oddly against the diplomatic thaw narrative, is characteristic of Iranian negotiating posture around prior rounds, where public hardening has preceded private flexibility. Watch items are whether further rounds are confirmed by either capital, any movement in tanker traffic and insurance pricing through the Gulf as a check on the disruption premium, and the Saudi export surge, which if sustained acts as a partial offset to any supply loss the market is pricing. The diesel and refinery headlines are secondary but relevant to product cracks rather than the flat price story.

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