Oil Prices Rebound After Steep Losses

Oil prices were moving higher on Friday after falling sharply in the previous session on easing Iran-U.S. tensions.

Benchmark Brent crude futures jumped 0.9 percent to $64.33 a barrel while WTI crude futures were up 0.9 percent at $59.73.

Both contracts settled down over 4 percent on Thursday after U.S. President Donald Trump apparently loosened his stance, claiming that there were no further killings in Iran and that executions of Iranian protestors were halted.

His wait-and-see posture toward Iran protests allayed worries about possible military action that could disrupt oil supplies.

Later at the UNSC meet, the American envoy renewed threats against the Islamic Republic. “Colleagues, let me be clear: President Trump is a man of action, not endless talk like we see at the United Nations,” Mike Waltz, US ambassador to the UN, said in a statement.

“All options are on the table to stop the slaughter. And no one should know that better than the leadership of the Iranian regime,” he said.

Meanwhile, Greenland worries returned to the fore, with media reports suggesting that European troops are landing in the country to defend it against real U.S. military threat.

The deployment of troops from several European countries and other North Atlantic Treaty Organization (NATO) allies was announced after high-level negotiations between Denmark and U.S. officials ended in stalemate on Thursday.

Market Analysis