Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Lows As U.S. – Iran Talks Show Signs Of Progress

WTI oil is moving lower as traders stay focused on U.S. – Iran negotiations. Pakistan said that its army chief will visit Tehran to discuss the potential peace deal.

Pakistan continues to serve as the key mediator between U.S. and Iran. The visit of Pakistan’s army chief is viewed as a bearish signal for oil markets as it highlights potential progress in peace negotiations.

Earlier, U.S. Secretary of State Marco Rubio said that there was “slight progress” in negotations with Iran.

The fate of Iran’s nuclear program, as well as the status of the Strait of Hormuz, are the key questions in negoations. U.S. wants to limit Iran’s nuclear program so that the country has no opportunity to build a nuclear weapon. In turn, Iran believes it has the right for uranium enrichment and does not want to end its nuclear program.

In addition, Iran wants to create a toll system in the Strait of Hormuz. This would be a dangerous precedent as the Strait of Hormuz is recognized as international waters. Not surprisingly, the U.S. and Gulf countries oppose Iran’s idea.