Oil prices drop to erase gains from OPEC's production cuts as US potentially nears deal with Iran to allow oil exports
prices plunged as much as 5% to below $70 per barrel on Thursday after media reports suggested that the US was making progress towards a nuclear deal with Iran.
A deal could be reached within weeks, and Israeli defense officials said talks between the US and Iran are moving faster than expected, according to the report. Meanwhile, Saudi Arabia needs higher oil prices to help sustain its high rate of spending on mega projects, with some estimates suggestingon its current budget plans. And Russia needs higher oil prices to help fund its war on Ukraine.
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