West Texas Intermediate futures<\/a> for July pared a 3% jump in earlier trading to be about 1% higher, at $77.52 per barrel.\u00a0<\/p>\nStock Chart IconStock chart icon![\"hide](\"https:\/\/static-redesign.cnbcfm.com\/dist\/a54b41835a8b60db28c2.svg\")
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The discussions at the Swiss resort of B\u00fcrgenstock marked the first negotiations since Washington and Tehran signed a memorandum of understanding last week to end their conflict and extend a shaky ceasefire for at least 60 days.<\/p>\n
The accord called for the reopening of the Strait of Hormuz and a halt to hostilities across the region, including in Lebanon. Iran, however, accused Washington of failing to ensure a ceasefire there and said the latest talks would focus only on implementing the memorandum rather than broader issues such as its nuclear program.<\/p>\n
According to Quantum Strategy’s David Roche, Middle East oil supply is currently close to prewar levels once crude held in storage and aboard tankers is included. However, he warned in a report on Monday that the apparent abundance reflects inventory liquidation rather than a recovery in production, leaving the market vulnerable once those stockpiles are depleted.\u00a0<\/p>\n
While oil prices rallied on renewed tensions in the Middle East, Goldman Sachs noted that sustained supply shocks could ultimately accelerate the shift toward electric vehicles, eroding long-term crude demand and adding to downside risks for oil prices. <\/p>\n
Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"APA Corporation’s Forties Alpha oil platform in the North Sea. Courtesy: APA Corporation Brent oil futures turned negative…\n","protected":false},"author":2,"featured_media":504870,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[157457,218458,941,357,54,1435,4635,42,87,5102,190,43,16755,1823,3950,40,38,41,39,1032],"class_list":["post-504869","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-lco26q","tag-lco26x","tag-breaking-news-markets","tag-business-news","tag-donald-trump","tag-energy","tag-goldman-sachs-group-inc","tag-headlines","tag-iran","tag-j-d-vance","tag-markets","tag-news","tag-oil-and-gas","tag-qatar","tag-switzerland","tag-top-news","tag-top-stories","tag-topnews","tag-topstories","tag-united-states"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/504869","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=504869"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/504869\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/504870"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=504869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=504869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=504869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}