Crude prices fell to $94.73 as Tehran negotiations near agreement, easing supply concerns amid sanctions relief talks.
Crude oil prices hit a new low of $94.73 before settling at $95.84, the lowest level since May 8, as negotiations in Tehran advanced toward a nuclear agreement. The deal outlines gradual uranium delivery tied to sanctions relief, though guarantees from the U.S. remain unresolved.
Markets had priced in potential supply disruptions from Middle East tensions, but progress on the nuclear front reduced immediate risks. Stockpiles remain depleted, however, limiting further price declines until oil flows resume at pre-sanction levels.
U.S. equities extended gains, with the Dow up $482 (0.95%) and the Nasdaq rising 158 points (0.61%), reflecting relief over easing geopolitical pressures.