economy
Oil prices mixed as U.S. and Iran expected to hold talks in Pakistan
The talks would come after a previous efforts at negotiations fell apart.
TL;DR
- Oil prices were mixed, with Brent crude futures little changed and West Texas Intermediate futures falling.
- U.S. special envoy Steve Witkoff and Jared Kushner will travel to Pakistan for direct talks with Iranian counterparts.
- Iran's foreign minister will also travel to Islamabad, Muscat, and Moscow for consultations.
- A truce between Israel and Lebanon has been extended by three weeks.
- The closure of the Strait of Hormuz is causing significant economic costs and disrupting oil and petroleum product shipments.
- The International Energy Agency head described the situation as the biggest energy security threat in history.
- There is a risk of major military escalation that could significantly impact the U.S. dollar.