What did weekend reports change for oil price direction?

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Weekend Reports Shifted Oil Price Direction Upwards

Oil prices experienced an increase as markets reopened following weekend news indicating a toughening of the United States' negotiating stance with Iran regarding an end to the Middle East conflict. This development reversed a previous downward trend in crude prices that had occurred amidst hopes for an imminent peace agreement.
US Benchmark West Texas Intermediate Saw Notable Gains

The US benchmark, West Texas Intermediate (WTI), recorded a gain of 2.5 per cent, reaching US$89.60 per barrel. This upward movement contributed to the overall rise in oil prices observed at the market's opening.
Brent Crude Also Experienced an Increase

Similarly, Brent North Sea crude for August delivery was trading at approximately US$93.16 a barrel. This represented a rise of about 2.2 per cent compared to its closing price on Friday, mirroring the trend seen in WTI.
Previous Week Saw Price Declines Due to Peace Hopes

The recent price increase followed a week where crude prices had fallen by over 11 per cent. This decline was attributed to optimism surrounding a potential peace agreement, which had raised expectations for the reopening of the Strait of Hormuz, a crucial chokepoint for global oil supply.
US Media Reports Highlighted Hardened Negotiating Terms

Reports emerging over the weekend, notably from The New York Times and other US media outlets, indicated that US President Donald Trump had returned a revised memorandum of understanding to Tehran. This new version reportedly included several stricter negotiating points, thereby altering the market's previous outlook.

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What did weekend reports change for oil price direction?

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