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America Age > Blog > World > Oil markets await data and Iran talks amid price surge
World

Oil markets await data and Iran talks amid price surge

Enspirers | Editorial Board
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Oil markets await data and Iran talks amid price surge
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Crude oil prices have eased off fresh seven-year highs reached earlier Monday morning, but it could be another wild week.

What we’re watching: Supply and demand data, negotiations with Iran, and the state of Russia’s potential invasion of Ukraine.

Get market news worthy of your time with Axios Markets. Subscribe for free.

  • The International Energy Agency’s monthly outlook arrives Friday. OPEC’s latest monthly report comes Thursday, while the U.S. Energy Information Administration’s monthly pulse-taking comes tomorrow.

  • Meanwhile, traders will also be watching for signs of revival of a nuclear agreement with Iran in multilateral talks in Vienna this week.

What they’re saying: Via S&P Global Platts…

“The negotiations have been the top oil supply risk for 2022, with an interim deal potentially increasing exports by 700,000 b/d while a breakdown in talks could spike geopolitical tensions and global oil prices, according to S&P Global Platts Analytics.”

Why it matters: Oil’s upward march has political ramifications for the White House and Democrats’ fortunes in the midterm elections.

Where it stands: The global benchmark Brent crude is trading in the high-$92 per barrel range.

Like this article? Get more from Axios and subscribe to Axios Markets for free.

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