NEW YORK: Oil prices slipped US$1 per barrel on Monday (Jun 16) in volatile trading after reports that Iran is seeking an end to hostilities with Israel, raising the possibility of a truce and easing fears of a disruption to crude supplies from the region. Iran has asked Qatar, Saudi Arabia and Oman to press US President Donald Trump to use his influence on Israel for an immediate ceasefire in return for Tehran's flexibility in talks about its nuclear program, two Iranian and three regional sources told Reuters. Friday's surge put oil in "overbought territory" in terms of technical indicators, which is typically followed by a downward move, said Rory Johnston, an energy analyst and founder of the Commodity Context newsletter.
Published at: 2025-06-16 21:48:00
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