Oil futures were flat on Tuesday as the prospect of U.S.-Iran tensions disrupting supply was offset by concerns that a drawn-out trade war between Washington and Beijing would weigh on crude demand, Trend reports citing Reuters.
Brent crude futures, the international benchmark for oil prices, shed 1 cent to $71.96 a barrel by 1:08 p.m. EDT (1708 GMT)
U.S. West Texas Intermediate (WTI) crude futures were down 13 cents to $62.97 a barrel, ahead of the front month contract for June delivery going off the board on Tuesday. The July contract was trading at $63.08 a barrel.
“The situation with China is as bearish as the Iran situation is bullish. That’s why I think we continue to be here in a stalemate,” said John Kilduff, a partner at Again Capital LLC in New York.
On Monday, U.S. President Donald Trump threatened Iran with “great force” if it attacked U.S. interests in the Middle East. Washington suspects that militia with ties to Iran organized a rocket attack in Iraq’s capital Baghdad.
On Tuesday, Iran said it would resist U.S. pressure, declining further talks under current circumstances.