“We appeared very close to a finish line on getting a deal done, but that seems to have not been the case,” said Gasbuddy.com Patrick DeHaan. “And so oil markets that had been anticipating something are now left disappointed. And that is why oil prices are going right back up because a deal did not develop. And now it appears the sides are again walking away from each other, making a new deal even more elusive.”
DeHaan added oil prices moved higher Monday following word that Iran was walking away from the negotiation table with the United States. As of Tuesday morning, West Texas and Brent Crude were trading around $91 and $93 per barrel respectively.
Photo: Glenn Vaagen
What Does The Future Look Like?
DeHaan added at this point, it’s almost impossible to tell what’s going to happen next between the U.S. and Iran, meaning it’s almost impossible to tell where oil and fuel prices are headed. However, “Looks like for the imminent future here, we could start to see gasoline, diesel prices start elevating again,” DeHaan said. “And that could continue here through the week, depending on how developments go between the U.S. and Iran. Keep in mind that as long as the strait looks like it will continue to be closed, the more oil prices could go right back up this week.”
What’s been the international reaction to the lack of a peace deal, following 93 days of war in the Middle East? Find out by listening to our entire Price at the Pump podcast with DeHaan:
Remember to join us Tuesday mornings during Northwest Ag Today for your PNW Ag Network Price at the Pump.
If you have a story idea for the PNW Ag Network, call (509) 547-9791, or e-mail glenn.vaagen@townsquaremedia.com