Oil Rebounds Past $97 as Officials Deny Imminent US-Iran Diplomatic Deal

Crude oil prices rebounded back above $97 per barrel after officials clarified that while US-Iran talks continue, reports of an imminent deal are incorrect. Energy markets had previously retreated, with oil hitting a session low of $95.25 and WTI falling roughly 0.97% amid unconfirmed reports of a Qatar-Pakistan compromise. That reported proposal involved unfreezing $6 billion in interest on Iranian funds in Qatari banks and allowing unannounced IAEA inspections. However, subsequent pushback against an immediate breakthrough reinstated geopolitical risk premiums, prompting equity markets to trim earlier gains and Treasury yields to bounce.