From CNBC, June 18/19:
- U.S.-Iran follow-up talks in Switzerland were canceled, raising doubts about a lasting peace.
- Oil prices fluctuated as traders reassessed risks around the Strait of Hormuz.
- OPEC rejected forecasts that global oil demand will peak soon.
Oil prices turned lower after Israel and Iran-backed Hezbollah agreed to a ceasefire from 4 p.m. local time on Friday (9 a.m. ET), a U.S. official told CNBC.
The report comes shortly after follow-up talks between the U.S. and Iran in Switzerland were abruptly called off, underscoring lingering uncertainty over efforts to turn an interim agreement into a lasting peace settlement.
International benchmark Brent crude futures for August were last seen 1% lower at $79.02 per barrel, erasing earlier gains, while U.S. West Texas Intermediate futures for July traded 0.8% lower at $75.96. Both contracts were on track for a weekly loss of about 8%....
....MUCH MORE
