Oil falls as easing tensions send Brent to worst quarter since 2020
Oil prices fell more than 1% on Wednesday after talks between Washington and Tehran concluded, easing Middle East supply fears. The retreat pushed Brent crude to its worst quarter since 2020.
Oil prices fell more than 1% on Wednesday after talks between Washington and Tehran concluded in Doha, easing fears of a supply disruption in the Middle East. The retreat left Brent crude on course for its worst quarter since 2020.
Analysts said the geopolitical risk premium eased steadily through the quarter, weighing on prices. With the threat of a major supply shock receding, investors have refocused on the global demand outlook and on production decisions from OPEC and its allies.
Both Brent and US crude ended the quarter lower, and traders are watching the course of the diplomatic talks closely, mindful that fresh tensions could quickly reverse the move. For energy-importing economies, cheaper crude could help ease inflationary pressure in the months ahead.
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