A report from Iran's semi-official Tasnim News Agency that the United States has offered a temporary waiver on oil sanctions against Tehran briefly cooled global crude markets Monday, even as President Donald Trump warned Iran that time was running out to reach a broader peace deal.
The report, carried by Iranian media and cited in market coverage, said Washington had proposed an interim waiver on sanctions affecting Iranian crude exports, a key demand from Tehran as it seeks to end the war and reopen a path for oil sales. Reuters reported that oil prices dropped from two-week highs after the Iranian report, with Brent crude falling 1.4% to $107.78 a barrel after earlier touching $112, its highest level since May 5. U.S. West Texas Intermediate crude fell 1.8% to $103.52 after reaching $108.70.
