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Oil prices up as signs of US-Iran impasse offset growth fears
Business World Philippines
|May 21, 2025
Oil prices settled marginally higher on Monday as signs of a breakdown in US talks with Iran over its nuclear program offset a Moody's downgrade of the US sovereign credit rating.
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Brent crude futures settled 13 cents higher at $65.54 a barrel, while US West Texas Intermediate (WTI) crude closed up 20 cents at $62.69 a barrel. Both contracts rose more than 1% last week.
Nuclear talks will lead nowhere if Washington insists that Tehran stop its uranium enrichment activity, Iranian state media quoted Deputy Foreign Minister Majid Takht-Ravanchi as saying on Monday.
This story is from the May 21, 2025 edition of Business World Philippines.
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