economy

U.S. oil price tumbles below $92 as White House considers further talks with Iran

U.S. Vice President JD Vance said Monday that the next steps in U.S.-Iran peace efforts now depend on Tehran.

U.S. oil price tumbles below $92 as White House considers further talks with Iran

TL;DR

  • U.S. crude oil futures for May delivery fell nearly 8% to $91.28 per barrel.
  • International benchmark Brent crude for June delivery lost over 4% to $94.79 per barrel.
  • The White House is considering further talks with Iran, though no dates are set.
  • Vice President JD Vance stated that Iran's court holds the next steps for peace talks.
  • The U.S. Navy initiated a blockade of Persian Gulf ports.
  • The blockade "directly endangers" Iran's oil exports through the Strait of Hormuz.
  • The International Energy Agency forecasts a contraction in oil demand this year.
  • IEA expects oil demand to fall by 1.5 million barrels per day in the second quarter and by 80,000 bpd for the year.

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