Oil prices have stabilized at a time when clients struggle with conflicting signals over the scale of the US military strikes on the Iranian nuclear program, and whether Washington will continue to target the Iranian oil flow with sanctions. The crude oil “West Texas” stood up to close nearly $ 65 a barrel, while Brent ruol closed near $ 68. Western Texas Raw was 2.3% earlier after the Financial Times reported that European capitals believe that Iran’s highly enriched uranium supplies are still largely healthy after the US strikes. President Donald Trump has denied in a position of social media that Iran has succeeded in transferring core material from his positions before the attacks. At the same time, an Iranian law entered into to stop cooperation with the International Atomic Energy Agency. The possibility of alleviating sanctions against Iran dropped from the highest levels during the session after CNN reported that Washington discussed the provision of incentives to resume talks with Iran, including the possibility of relieving sanctions. At a press conference on Wednesday, Trump indicated that US financial sanctions did not do much to stop China’s purchase of Iran’s supplies, and contradicted his previous statements in which he said he would “not” abandon the strategy to target the oil income of Tehran. “If they will sell oil, they will sell it. China wants to buy oil. They can buy it from us, or from other parties,” Trump said. In an additional development that reflects the prices, White House spokeswoman Caroline Levit told reporters that there are no threatening plans to fill the strategic oil reserves. It was also confirmed that there were no plans to hold core conversations between Washington and Tehran, and renewed the confirmation that the United States destroyed Iranian nuclear capabilities. The geopolitical risk allowance faded. These developments are highlighted by the conclusion of the ceasefire between Israel and Iran, as market traders are still attentive to the possibility of disorders in energy supplies from the Middle East. However, the major geopolitical risk allowance present in the market has largely faded, as oil recorded the biggest decline in two days since 2022 at the beginning of this week. One of the scales of implicit fluctuations has also dropped at the lowest level since June 10, that is, before Israel’s launch of its military campaign against Iran. The focus is now in the “OPEC+” coalition meeting scheduled on July 6, which will determine the production policy for August. According to a person familiar with the case, Russia is open to another production increase if the group sees that it is needed. “It seems that the markets see that geopolitical risks have dropped significantly, although the future road can remain difficult,” says Francesco Martuchia, a City Group analyst. He added that “the basic background that the oil market drops, especially after the third quarter of 2025, can return to the front, even with the approaching OPEC+ meeting to determine the amount of oil that will be returned to the market in August.”
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