Oil slides as Trump delays Iran intervention decision

Oil (CL=F, BZ=F) prices are dipping as investors await a decision from President Trump on potential US intervention in Iran.
Yahoo Finance Senior Business Reporter Ines Ferré joins Morning Brief to explain the recent pullback in crude oil and what's weighing on the market.
To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.
Let's talk a little oil. Oil falling as investors awaiting a decision on US intervention in Iran. Inness Ferre has the latest. Hello, Inness.
Hey Brad. Yeah, and just taking a look at where we're at with oil right now, we're looking at WTI that's down about 2/10 of a percent. Brent crude is down about 6/10 of a percent. You had seen quite a bit of a leg lower earlier this morning. Part of this had to do uh with uh President Trump's uh decision to sort of stay the course for the next two weeks uh and make his decision on Iran within the next two weeks. So that really sent futures lower. You also have a report from Reuters that Iran is ready to discuss uh limitations on their nuclear program. So that has also sent oil lower. But still, if you take a look at the last uh five sessions and the last three weeks, oil is on pace for its third week of gains. And I'm going to pull up a year-to-date chart, so you can see that oil is almost flat year to date when it comes to Brent, just slightly positive as well as WTI of more than two and a half percent when it comes to WTI. Look, Wall Street has been saying that we are seeing about a 10% premium on oil prices right now because of the Israel-Iran conflict. And you have uh Goldman Sachs, which came out with a note this week that is saying that they're expecting uh oil prices to go lower in the fourth quarter. Of course, if this conflict doesn't broaden more widely. Also, JP Morgan talking about uh oil supply shocks and the price shocks that you have from conflicts, those are tend to be short-lived. However, if you see a regime change in an oil-producing country, then you will see prices to the upside for an extended period of time. So all, so a lot is riding on what happens with whether or not the US gets directly involved uh in the Israel-Iran war, but nonetheless, we're seeing oil that is on pace still for a third week of gains.

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