Nuclear Deal Helps Ease Oil Prices – 16 February, 2022

Oil prices were nearly 2% lower after Iran and France said they were closer to an agreement to salvage Iran’s 2015 nuclear deal with world powers. U.S. West Texas intermediate crude was 2.7% or $2.50 lower to $91.16 per barrel. Brent crude was 2.6% or $2.43 lower to $92.38 per barrel. Positive news between the U.S. and Iran concerning their nuclear agreement has provided some relief to global oil prices in helping reduce some supply-demand deficit.