There was an update on Mar 15, 2022, 10:49am.
Oil prices on Tuesday dipped below $100 a barrel for the first time in two weeks, as the spike in prices that followed Russia's invasion of Ukraine dissipated.
The price of oil fell below $100 a barrel for the first time since March 1. David and McNew are pictured.
As of 9:32 a.m., the international benchmark was down $7.00 to $99.99 a barrel. The U.S. West Texas Intermediate fell $6.84 to $96.20.
Russian Foreign Minister Sergei Lavrov said Tuesday that Russia supports the restart of the Iran nuclear deal, which has been at a standstill since Russia demanded a written response from the U.S.
The amount of oil available in global markets could be increased by a nuclear deal with Iran.
Concerns of supply disruptions were alleviated by the hope that negotiations between Russia and Ukraine would make progress.
Concerns of a drop in demand were caused by a surge in cases in China, the world's biggest importer of crude.
Tom Kloza, global head of energy analysis for the Oil Price Information Analysis, told CNN that gasoline prices would likely drop 20 cents a gallon if oil stays at $100 a barrel. The national average price of gas was $4.31 a gallon on Tuesday morning, 20 cents below the previous day's figure, according to the American Automobile Association.
The war is making it hard to determine if we are near a peak for pump prices or if they keep grinding higher.
The two-day policy meeting of the U.S. Federal Reserve will begin Tuesday. The Fed is expected to increase interest rates for the first time in four years to control inflation. According to the Wall Street Journal, David Donabedian, chief investment officer at CIBC Private Wealth, said that there are growing concerns among investors that the war could spiral beyond Ukraine and that China could potentially risk facing Western sanctions for reportedly being open to offering military assistance to Russia.
Russia wants to resume the Iran nuclear deal.
Stock futures edge up as oil slides below $100.
The price of oil has hit a seven-year high.
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