No breakthrough as talks end; Iran says contacts to end war continue

Talks to end the eight-month US-Iran conflict are continuing. Reuters reported Iran's statement on Monday, following several days of negotiations involving Iranian officials and Qatari mediators. Those discussions produced revised proposals but no major breakthrough.

Iranian Foreign Minister Abbas Araqchi said: "Consultations through mediators are very intensive. We have presented our conditions and proposals and everything depends on the political rationality of Washington,"

The proposal Iran submitted in September to end the war remains central to the talks, according to Iran's Foreign Ministry spokesperson Esmaeil Baghaei. He also confirmed comments attributed to Foreign Minister Abbas Araqchi on Saturday indicating that the proposal could be shortened.

TMGM Analysis: Financial Market News, Economic Calendar & Market Insights

Baghaei said: "The basis of dialogue and talks between Iran and the US via mediators is still Iran’s seven-step proposal, which is now condensed, making it possible to implement it within two days,"

An agreement to end the war "could happen." That was US President Donald Trump's assessment on Monday, when he said Iran wanted a deal. He offered no immediate details.

0.51% Gain for WTI

West Texas Intermediate (WTI) stands at $95.50 at the time of writing, a rise of 0.51% on the day.

WTI Oil: Key Questions

WTI Oil: Definition and Characteristics

Traded internationally, WTI Oil is a grade of crude oil. Its name stands for West Texas Intermediate, which ranks alongside Brent and Dubai Crude as one of three major types. Relatively low gravity and sulphur content earn WTI the descriptions “light” and “sweet”, respectively. Its high quality makes it straightforward to refine. Produced in the United States, it is distributed through the Cushing hub, known as “The Pipeline Crossroads of the World”. WTI serves as an oil market benchmark, with its price regularly cited in the media.

WTI Oil: Main Price Drivers

Supply and demand underpin WTI Oil prices, as they do for other assets. Stronger global growth can lift demand, while weaker growth can have the reverse effect. Supply disruptions arising from political instability, wars or sanctions can also affect prices. Another major influence is policy set by OPEC, the group of leading oil-producing countries. With oil traded mainly in US Dollars, the currency's value also matters for WTI Crude Oil: a weaker US Dollar can make oil more affordable, while a stronger one can have the opposite effect.

WTI Oil: The Impact of Inventory Data

Weekly inventory releases from the American Petroleum Institute (API) and the Energy Information Agency (EIA) influence WTI Oil prices by revealing shifts in supply and demand. Falling stocks may signal stronger demand and drive prices higher. Conversely, rising inventories may point to greater supply and weigh on prices. The API publishes its report each Tuesday, followed by the EIA the next day. The two sets of figures generally align: their results are within 1% of one another 75% of the time. As a government agency, the EIA is regarded as the more reliable data source.

12 OPEC Nations: Their Influence on WTI Oil

At meetings held twice a year, the 12 oil-producing nations in OPEC (Organization of the Petroleum Exporting Countries) jointly set production quotas for members. These decisions frequently affect WTI Oil prices. Lower quotas can restrict supply and lift oil prices; increased production has the reverse effect. The broader OPEC+ group incorporates ten additional non-OPEC members, with Russia the most prominent.