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Contacts to end war continue after talks conclude without a breakthrough, Iran says
Efforts to end the eight-month conflict between the US and Iran remain under discussion, Iran said on Monday, according to Reuters. Several days of talks between Iranian officials and Qatari mediators have produced revised proposals, although no major breakthrough has been achieved.
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 submitted by Iran 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 plan could be condensed.
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.", US President Donald Trump said on Monday, adding that Iran wanted a deal. No further details were immediately provided.
WTI edges higher
West Texas Intermediate (WTI) trades at $95.50 at the time of writing, a gain of 0.51% on the day.
WTI Oil Explained
Traded on international markets, WTI Oil is a grade of crude oil. WTI stands for West Texas Intermediate and is one of three major grades, alongside Brent and Dubai Crude. Its relatively low gravity and sulphur content earn it the descriptions “light” and “sweet”, respectively. This high-quality oil is considered easy 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.
Supply and demand determine WTI Oil prices, as they do for other assets. Stronger global growth can therefore lift demand, while weaker growth can have the reverse effect. Supply disruptions arising from political instability, wars and sanctions can also affect prices. Another important influence is the decision-making of OPEC, a group of major oil-producing countries. Since oil is traded predominantly in US Dollars, the currency's value also affects WTI Crude Oil prices: a weaker US Dollar can make oil more affordable, while a stronger dollar can do the opposite.
WTI Oil prices respond to weekly oil inventory figures from the American Petroleum Institute (API) and the Energy Information Agency (EIA). Inventory movements reflect shifts in supply and demand. A decline in stocks can signal stronger demand and lift oil prices, whereas rising inventories can indicate greater supply and weigh on prices. Each Tuesday brings the API report, followed by the EIA release the next day. The two sets of figures tend to be similar, coming within 1% of one another 75% of the time. As the EIA is a government agency, its data is regarded as more reliable.
At meetings held twice a year, the 12 oil-producing nations in OPEC (Organization of the Petroleum Exporting Countries) jointly set production quotas for member countries. These decisions frequently affect WTI Oil prices. Lower quotas can restrict supply and push oil prices higher; increased OPEC production has the reverse effect. The broader OPEC+ group includes ten additional countries outside OPEC, with Russia the most notable member.
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