U.S. crude oil futures fell 3% on Friday amid reports that Qatar told Iran to not attack Israel while Gaza cease-fire talks are ongoing.
Qatar’s prime minister old Iran’s leaders in a phone call after the first day of Gaza cease-fire talks in Doha Thursday that they should de-escalate, warning of the consequences of attacking Israel when progress is being made in the negotiations, two diplomats told The Washington Post.
Here are Friday’s energy prices:
The cease-fire talks are expected to resume Friday, White House national security spokesperson John Kirby told reporters.
The U.S. benchmark jumped more than 4% Monday on fears that an attack by Iran on Israel was drawing closer. Iran has vowed to retaliate over the assassination of a Hamas leader in Tehran in late July.
Prices subsequently pulled back as an attack has not yet materialized. Worries about softening oil demand in China have also weighed on the market.
“The pendulum of price influence keeps swinging between fundamentals and geopolitics, with today’s selloff seemingly dictated by negotiations in the Middle East and an ongoing lack of retaliation by Iran,” said Matt Smith, lead oil analyst for the Americas at Kpler.
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