Crude oil prices began to slip on Friday after Federal Reserve Chair Jerome Powell spoke for a mere 8 minutes, warning that there would be pain ahead.
Oil prices have remained in limbo this week, with ICE Brent trending around $100 per barrel, as the market zoomed in on the prospects of an Iranian deal. As the Biden administration relayed its response to the European Union, acting as a broker between the two sides that refuse to negotiate directly, rumours seem to indicate that the proposed terms fall short of what Tehran expected, effectively creating a “take it or leave it” dilemma for the Iranian leadership. Unless there is any sudden breakthrough on Iran, it will be the Fed’s Jackson Hole symposium driving oil prices.
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