Oil at three-week high as US-Iran peace talks stall – business live
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The new week begins with the oil price rising, again, as the stalled US-Iran peace talks threaten to extend disruption to crude supplies from the Middle East.
“If they ?want to talk, they ?can come to us, or ?they can call us.
You know, there is a telephone. We have ?nice, secure lines.”
Talks have stalled between US and Iran as Iran has stated that it will not negotiate till the US blockade remains in place, while US has stated that it doesn’t know who it is negotiating with.
Our base case remains that we are moving towards a deal but tail risk of short term escalation remains. It is not in the interest of either parties to escalate further. The latest Iran proposal shows the wiliness of Iran to negotiate, while Trump already wants a deal. Hence, we believe that we will eventually move towards a deal, but with some speed bumps along the way.
11am BST: CBI distributive trades survey of UK retail
3.30pm BST: Dallas Fed manufacturing index survey
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