Oil prices barely moved on Tuesday, May 20, 2025, as traders weighed the impact on supply from a possible breakdown in United States-Iran talks on Tehran’s nuclear programme.
Brent futures dipped 6 cents to $65.48 a barrel by 0305 GMT, while U.S. West Texas Intermediate crude futures gained 1 cent to $62.7.
Discussions on Iran’s nuclear programme would “lead nowhere” if Washington insisted that Tehran slash uranium enrichment activity entirely, Reuters quoted Deputy Foreign Minister Majid Takhtravanchi as saying on Monday.
The remarks came after U.S. special envoy Steve Witkoff reiterated on Sunday that Washington would require any new deal to include a pact to refrain from enrichment, a precursor to the development of nuclear bombs.
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A deal would have paved the way for the easing of U.S. sanctions and allowed Iran to raise oil exports by 300,000 barrels to 400,000 barrels per day, StoneX analyst Alex Hodes said.
Prices were also supported by expectations of near-term firm physical demand, amid healthy refining margins in Asia.
In a client note, BMI analysts projected a decline of 0.3% on the year in 2025 consumption, hit by a slowdown across oil product categories.
“Even if China adopts stimulus measures, it may take time to have a positive impact on oil demand,” the analysts added.
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