(RTTNews) – Crude oil futures skyrocketed overnight but have shown a significant pullback over the course of the trading day on Thursday.
After surging as much as $3.84 or 4.3 percent to a high of $92.52 a barrel, crude for July delivery was seen trading up by $0.32 or 0.4 percent at $89 a barrel.
The pullback by oil prices came after a report from Axios said U.S. and Iranian negotiators have reached an agreement on a 60-day memorandum of understanding.
Citing two U.S. officials and a regional source involved in the mediation efforts, Axios indicated the MOU would extend the ceasefire and launch negotiations on Iran’s nuclear program.
Axios noted President Donald Trump has not yet given final approval, with a U.S. official saying he wants a couple of days to think about the deal.
The price of crude oil spiked overnight after reports the U.S. launched another round of “self-defense strikes” in southern Iran, leading Tehran to retaliate by purportedly targeting a U.S. air base.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
www.nasdaq.com