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BusinessToday
21-05-2025
- Business
- BusinessToday
Oil Prices Inch Higher Amid Stalled US-Iran Nuclear Talks And Supply Uncertainty
Oil prices rose slightly on Tuesday as hopes for a breakthrough in US-Iran nuclear negotiations dimmed, raising concerns over the potential delay in Iranian crude re-entering the global market. Brent crude futures edged up 12 cents to US$65.66 a barrel by 0008 GMT, while US West Texas Intermediate (WTI) gained 16 cents to US$62.85. The gains were fuelled by comments from Iran's Deputy Foreign Minister Majid Takhtravanchi, who warned that nuclear talks with the US would 'lead nowhere' if Washington continues to demand a full halt to Tehran's uranium enrichment programme. His remarks came just a day after US special envoy Steve Witkoff reaffirmed that any new agreement must include a ban on uranium enrichment — a critical step in developing nuclear weapons. Analysts say a deal between the two sides could have added 300,000 to 400,000 barrels per day of Iranian crude to the market, easing global supply constraints. The standoff has instead raised fresh concerns about future supply levels. However, gains in oil prices were limited by broader economic headwinds, including Moody's downgrade of the US sovereign credit rating, which cast a shadow over demand from the world's largest energy consumer. The ratings agency cut the US government's rating by one notch on Friday, citing concerns over its mounting US$36 trillion debt. Additional pressure came from slowing industrial output and retail sales in China, the world's top oil importer, reinforcing fears about weakening demand. Market volatility is expected to persist in the near term, with traders watching closely for developments in US-Iran relations, global tariff tensions, and the ongoing Russia-Ukraine conflict. In a related update, Russian President Vladimir Putin said after a call with Donald Trump that Moscow was willing to work with Ukraine on a draft peace accord, calling recent diplomatic efforts 'on the right track.' Reuters Related
BusinessToday
12-05-2025
- Business
- BusinessToday
Dollar Gains Versus Yen On US-China Optimism
The dollar climbed in early Asian trade on Monday after weekend talks between the United States and China eased concerns of a trade war between the world's two biggest economies while global hot spots appeared to cool. The greenback, Treasuries and equities have taken a beating since sweeping tariffs announced by U.S. President Donald Trump last month shook confidence in American assets. After talks in Geneva, Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer on Sunday said a deal had been reached with China to cut the U.S. trade U.S. CPI reading for last month will give a fresh read on inflation trends, while April retail sales on Thursday offer the latest window into consumer spending. Jobs data is also expected on Thursday for the U.S. and Australia. The U.S. currency climbed 0.6% to 146.19 yen. The dollar index added 0.1%, hovering near a one-month high. The gauge is still down 3.5% from the April 2 announcement of Trump's 'Liberation Day' tariffs. New Zealand's kiwi dollar, a common proxy for risk assets, advanced 0.3% to $0.5924. The Australian dollar fetched $0.6425, up 0.2%. The euro stood at $1.1224, down 0.2%. Sterling slid 0.3% to $1.3277. Reuters Related
