Vice President JD Vance was set to travel to Switzerland to continue into the next phase of negotiations with Iran. Vance’s trip has been postponed while Israel has opened up more strikes on Lebanon. Photo by Aaron Schwartz/UPI | License Photo
Global oil prices have fluctuated slightly on Friday, briefly reaching back above the $80 per barrel mark for Brent crude, as the United States and Iran called off further talks in Switzerland.
A stall in talks between the United States and Iran have cast doubt over the preliminary peace agreement reached earlier this week. The oil market has begun reflecting that uncertainty early Friday.
Vice President JD Vance was set to travel to Switzerland to continue into the next phase of negotiations with Iran. Vance’s trip has been postponed while Israel has opened up more strikes on Lebanon.
Part of the agreement between the United States and Iran included an end to military operations in Lebanon.
The Swiss foreign ministry said talks between the United States and Iran will no longer take place on Friday as previously planned. The White House confirmed that Vance will not be traveling to Switzerland, citing logistical issues involving negotiations.
Vance said during a press conference Thursday that Iran will not receive “a single penny from the United States.” He added that Iran will not receive any of the benefits from the preliminary agreement unless “they comply fully and change their behavior.”
Overall oil prices are heading toward a second consecutive week of falling prices. August Brent crude oil, the international benchmark, traded at about $80.23 per barrel on Friday morning. July West Texas Intermediate futures, the U.S. benchmark, traded for about $75.96 per barrel.
Altogether, benchmark crude oil is on pace to be down in price by about 8% for the week.
After falling below $4 per gallon on Thursday, the U.S. national average for premium gas edged down to $3.97 per gallon on Friday. The price of gas remains higher than prior to the start of the Iran war. A year ago, the average price of gas was $3.20 per gallon on average, AAA reports.
This week in Washington
President Donald Trump presents a Medal of Honor to Tom Ripley on behalf of his father, John W. Ripley, during a Medal of Honor award ceremony in the East Room of the White House on Thursday. Photo by Aaron Schwartz/UPI | License Photo
