Oil (CL=F, BZ=F) prices are slipping as hopes grow for a US–Iran nuclear deal that could lift sanctions and boost global supply.
Yahoo Finance Senior Reporter Ines Ferré joins Morning Brief to break down what the potential agreement could mean for oil markets.
To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.
The energy sector taking a hit this morning as oil prices fall on expectations the US and Iran could soon reach a nuclear deal. President Trump speaking from Qatar Thursday, says the US is quote, getting close to a deal after a recent round of negotiations. Here with more we've got Yahoo! Finance senior reporter, Anès Ferrey. Anès, what do we know?
Yeah, Brad, and why we're seeing oil down today, strictly because of this, because of that possibility that you may see soon a deal between the US and Iran when it comes to their nuclear program. They've been now in their fourth round of negotiations. And Axios had reported that on Sunday, that the US presented a plan to Iran and Iranian official, according to NBC, had said that they would be willing to agree to the deal to never make a nuclear weapon and some other aspects of that deal as well as long as economic sanctions were lifted. So if this happens, look, Iran is a big oil exporter and a producer. They produce more than 3 million barrels of oil per day. Some analysts are saying that if the deal goes through, that you could see about a million more barrels being exported from Iran. So you would move into an oversupply situation. And if we take a look at crude futures, you're looking at Brent crude, that's down 14% year to date. It had a terrible April. OPEC Plus has agreed to increase supply. President Trump really wants the price of oil to come down. And we are seeing analysts that are emphasizing this. And Goldman Sachs is forecasting that you haven't seen oil go down enough, that you are going to see oil averaging around 60 to around $60 for Brent for the rest of 2025, and WTI at around $56 per barrel.