Brent gives up $60 on report of US easing Iran sanctions

Brent continued to fall as the US market opened today, extending its losses for the third day, to give up the $60 level again, due to the increased odds for an easing in US sanctions on Iran, especially after  Bloomberg reported that the US President Donald Trump discussed this to ensure the success of his meeting with Iranian President Hassan Rouhani, scheduled later this month.

As of 12:35 GMT, Brent fell to $59.60 a barrel from the opening of $61.14, with a high of $61.38, and a low of $59.56.

Brent futures closed lower by 2.7% yesterday, in the second daily loss on profit-taking from 6-week high.

Despite the increased sell-off and profit-taking, the renewed fears of oversupply in the market pushed prices lower, after Bloomberg reported an easing in US sanctions on Iran.

Bloomberg reported yesterday, that the US President Donald Trump discussed an easing in US sanctions on Iran to ensure the success of his meeting with Iranian President Hassan Rouhani, scheduled later this month.

Bloomberg added that the former national security adviser, John Bolton, who was dismissed by Trump, was against the move.

Bolton was one of the strongest supporters of the strict US stance on Iran, and his dismissal is a strong sign on the previously mentioned report, effectively paving the way for easing sanctions on Iran and the possibility of Iranian oil returning to the marke.

Official Iranian news agencies said that President of Iran Hassan Rouhani, told the French President Emmanuel Macron during a telephone call yesterday that Iran will not negotiate with Washington if the US sanctions continued.