Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Reuters: US military carried out a new strike targeting a ship in the Caribbean Sea
Al Mayadeen's correspondent: Israeli raids targeted a cement plant, an asphalt factory, and fuel tanks in the Ansar area in South Lebanon
Al Mayadeen's correspondent: A series of violent Israeli raids targeted the outskirts of the town of Ansar
Al Mayadeen's correspondent: Israeli warplanes raided the outskirts of the town of Shmestar in Bekaa, eastern Lebanon
Donald Trump will speak with Russian leader Vladimir Putin on Thursday: White House
Al Mayadeen's correspondent in South Lebanon: Israeli warplanes raid the town of Bnaafoul, Saida district
YAF: Israeli enemy will pay for this crime.
Yemeni Armed Forces: Son of Major General Al-Ghamari martyred alongside him in Israeli aggression.
Yemeni Armed Forces: YAF mourns martyrdom of Chief of the General Staff Mohammad Abd al-Karim al-Ghamari.
Al Mayadeen's correspondent: Palestinian shot and killed by IOF east of Al-Bureij camp in the central Gaza Strip

US crude oil falls 2.7% in light of potential Iran deal

  • By Al Mayadeen Net
  • Source: Agencies
  • 3 Mar 2022 23:57
3 Min Read

Amid signs that Iran and major powers are likely to strike a deal soon regarding Tehran's nuclear program, oil prices decrease amid hopes for reaching said deal.

  • x
  • Brent crude oil decreases following spike
    Brent crude oil decreases following a spike

US crude oil surged into levels similar to those it reached during the 2008 economic crisis before falling almost 3% on Thursday, marking its first decrease in four days, in light of the West and Iran nearing a nuclear deal that could see Iranian oil making it to the market it was barred from due to Washington's unilateral sanctions.

The United States had imposed harsh sanctions on Iran following Washington's withdrawal from the JCPOA in 2018 under then-President Donald Trump, which had major impacts on Iran's economy and the global oil markets.

US crude’s West Texas Intermediate benchmark saw a $2.93 decrease, or 2.7%, reaching $107.67 a barrel. Prices had earlier surged to $116.57, the highest in nearly a decade in a half since the 2008 Global Financial Crisis.

The surge has been affected by global concerns that the sanctions on Russia would impact energy exports from the country providing the world with 10% of its oil needs.

Brent also settled down $2.47, or 2.2%, at $110.46 a barrel, also decreasing for the first time in four days. Brent peaked at $119.78 on Thursday, marking its highest price since May 2012.

Related News

Trump to meet Zelensky ahead of Putin summit announcement

Trump refiles $15 bln lawsuit against NYT after judge’s dismissal

Oil prices simmering down came against the backdrop of reports suggesting that Iran and world powers nearing a nuclear deal that could free Iran from US sanctions and boost the global economy.

Iranian media quoted Russian chief Vienna negotiator Mikhail Ulyanov as saying an agreement was likely over the next few days, paving way for the legitimate return of Tehran's oil to the market. 

Iran's crude exports were averaging 2.4 million barrels per day, peaking at more than 2.8 million before Trump's move. 

Al Mayadeen's correspondent reported that information from more than one source suggest a deal will be reached soon in the Vienna Talks.

Iran's Foreign Ministry spokesperson Saeed Khatibzadeh commented on the talks saying they were still ongoing: "no one can say that the deal is done until all outstanding remaining issues are resolved. Extra efforts needed," he tweeted.

The Vienna talks between Iran and the remaining JCPOA parties began in April on the assumption that the US, under the Joe Biden administration, is willing to reverse the so-called maximum pressure policy pursued by former President Donald Trump against Tehran.

Iran has stated that it will not accept anything less than the complete removal of all US sanctions in a verifiable manner. It also wants assurances that Washington will not withdraw from the agreement again.

  • United States
  • Russia
  • JCPOA
  • Vienna talks
  • Austria
  • Iran

Most Read

Iran strikes secret Israeli-US bunker under Tel Aviv high-rise

Tel Aviv high-rise struck by Iran hid Site 81, secret US-Israeli base

  • Politics
  • 14 Oct 2025
Palestinian journalist Saleh al-Jaafarawi in an undated image in Gaza, occupied Palestine (Social media)

Gaza Palestinian journalist Saleh al-Jafarawi killed by collaborators

  • Politics
  • 12 Oct 2025
drop site

New report details extensive Israeli arson in Gaza after ceasefire

  • Politics
  • 13 Oct 2025
Illustration of fists breaking shackles, representing the liberation of Palestinian detainees from Israeli prisons. (Illustrated by: AL Mayadeen English/Batoul Chamas)

4 prominent Palestinian detainees to be freed: Who are they?

  • Palestine
  • 13 Oct 2025

Coverage

All
War on Gaza

Read Next

All
The bodies of deceased Palestinians, held by Israel during the war, lie in plastic bags on the floor of Nasser Hospital in Khan Younis, Gaza, following their release, Wednesday, Oct. 15, 2025 (AP)
Politics

'Israel' returns 30 Palestinian bodies; some bear marks of torture

Gaza buried under 70 million tons of war debris as crisis deepens
Politics

Gaza buried under 70 million tons of debris, 20,000 lingering UXOs

Ex-White House adviser Ashley Tellis charged over secret files
Politics

Ex-White House advisor accused of amassing troves of top secret files

An Israeli soldier rests by a mobile artillery unit at a gathering point on the border with the Gaza Strip, in southern “Israel”, Saturday, Oct. 11, 2025. (AP)
Politics

Global arms bans isolate 'Israel', yet its war machine keeps running

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS