Iran signals openness to US talks, oil prices erase gains after ninth night of strikes
Oil prices gave back early gains on Monday after Iran said talks with the United States could be pursued based on its national interests, even as American forces carried out a ninth consecutive night of strikes on Iranian targets. Traders read the remarks as a possible opening for de-escalation despite the ongoing military campaign.
Brent and WTI futures opened higher Monday before paring gains after Iranian officials said talks with Washington could be pursued based on the country's national interests. The remarks came even as US strikes on Iranian targets entered a ninth consecutive night.
CENTCOM-led forces continued hitting targets inside Iran, and concerns over shipping through the Strait of Hormuz had kept oil prices elevated to start the week. Signals that Tehran might be open to diplomacy eased some of the risk premium traders had built into crude.
Analysts cautioned that no concrete framework for talks has emerged, so markets remain wary. Both the pace of the military campaign and any diplomatic contacts in the coming days are likely to keep driving oil price swings.
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