U.S. oil prices fell on Tuesday, posting a modest retreat after three consecutive session gains on the back of heightened tensions between the U.S. and Iran.
August West Texas Intermediate crude fell 7 cents, or 0.1%, to settle at $57.83 a barrel on the New York Mercantile Exchange. The contract wrapped up trading Monday at $57.90, the highest front-month contract finish since May 29, according to Dow Jones Market Data. Prices rose 8.8% for last week, the biggest weekly percentage climb since the week ended Dec. 2, 2016.
International benchmark August Brent crude edged up by 19 cents, or 0.3%, to $65.05 a barrel on ICE Futures Europe. The contract has traded in choppy fashion since it wrapped trading Friday at $65.20 — the highest since May 30. Front-month Brent logged a more than 5% gain last week.
The Trump administration has turned up the economic pressure on Tehran since Trump pulled the U.S. out of the 2015 nuclear deal in May 2018, hoping to drive Iran to accept a tougher agreement that would end uranium enrichment and curb its regional ambitions. The U.S. is seeking ultimately to drive the Islamic Republic's oil exports to zero to prompt the nuclear concessions.
Source : MarketWatch