Oil prices slipped Monday, giving back some of a steep climb from Friday seen after Saudi Crown Prince Mohammed bin Salman said the kingdom would develop nuclear weapons if arch-rival Iran did. Underpinning prices are tensions between Saudi Arabia and Iran, which are seen potentially disrupting global supplies. The Saudi crown prince visits the U.S. this week, which could provide plenty of headlines, as the Trump administration has called for a new look at the Iran nuclear pact. Trump told European leaders they must “fix the terrible flaws” in the deal or the U.S. would refuse to extend its sanctions relief on Iran. Click Read More below for additional information.
Oil futures reached four-month highs on Thursday, but later dipped after a report that a meeting between the U.S. and Chinese presidents to resolve a trade dispute had been delayed.
Bloomberg reported that U.S. President Donald Trump and Chinese President Xi Jinping may not meet until April at the earliest, after the Wall Street Journal said this month that Xi and Trump could meet around March 27.
A continuation of the tariff war between the world’s top two economies could dent growth in fuel demand and dent prices.