Oil volatile amid developing geopolitical movements

20/05/2025 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices were mixed in early session today, May 20, as markets weighed a potential collapse in US-Iran talks over Tehran's nuclear program and hopes for a resolution to the conflict in Ukraine.

 

Brent crude was trading down 0.25% at $65.39 a barrel, at 08:31 am Makkah time. West Texas Intermediate (WTI) crude was trading at $62.72 a barrel.

 

US President Donald Trump announced on social media that Russia and Ukraine had agreed to begin ceasefire negotiations, while Iran's deputy foreign minister told state media that nuclear negotiations would fail if Washington insisted on a complete halt to uranium enrichment.

 

The American Petroleum Institute's report on US oil inventories is expected later today, before the official data from the US Energy Information Administration is released on May 21.

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