Oil prices down on hopes of Gulf talks progress - Semafor

Oil prices fell on positive comments from Washington and Tehran over talks to end their war, though Gulf nations remained glum and analysts voiced caution over rhetoric transforming into reality. US President Donald Trump has reportedly pushed for more negotiations with Iran, whose leaders said they were considering a proposal that would soon reopen the Strait of Hormuz.

Yet reasons for skepticism abound: Goldman Sachs yesterday increased its average oil price forecasts for both this year and next, while regional countries at a summit in Bahrain voiced worry over the impact of a resumption in fighting after US midterms. They “talked up the need for diplomacy,” Semafor’s Riyadh bureau chief noted, “yet a sense of helplessness hung over the atmosphere.”