Oil starts the week down 6% - US and Iran announce halt to attacks, resume negotiations
Oil prices fell sharply in the first session of the week after Iran announced it would suspend all attacks as long as a ceasefire with the United States remains in place, temporarily alleviating concerns about two weeks of escalating conflict.
London's Brent crude for September, the global benchmark, fell 6% to around $90.8 per barrel. US crude for September fell over 5.5% to around $84 per barrel.
Iran has expressed its willingness to halt attacks as long as the United States also halts its operations, Reuters reported on Sunday, citing a senior Iranian official. The positive steps come after Washington decided to suspend its bombing campaign after President Donald Trump's advisers warned that the military was running out of targets and raised concerns about the United States' dwindling weapons stockpile.
According to Reuters, the Iranian official said that Tehran's logic is "attack for attack": if the attacks stop, Iran will also stop its operations. This message has already been conveyed to the United States. The US ambassador to the United Nations, Mike Waltz, said that Trump had chosen to stop the airstrikes to allow diplomatic efforts to continue.
On the other hand, analysts warn that higher oil prices have contributed to rising expectations that the Federal Reserve may be forced to pursue a tighter monetary policy for a longer period. However, inflation expectations have remained relatively moderate, despite the rise in energy prices.
That's why Federal Reserve officials will go into their policy meeting this week facing rising price pressures that could make it even harder to decide whether to keep interest rates on hold or raise them. The pressure is heightened by the massive investment in artificial intelligence and the Trump administration's decision to impose new tariffs on imported goods.
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