Futures in New York fell more than 2% to trade below $107 a barrel after rising Friday. The war in Ukraine has roiled commodity markets from crude to grains, leading to buyers shunning Russian oil as they navigate sanctions, though some are considering workarounds. Senior American and Chinese officials meet Monday as the US seeks to enlist China to help end the invasion.
The prospect of extra oil supply from Iran quickly alleviating a tight market was dashed on Friday. Tehran and world powers suspended talks to restore a nuclear deal after Russia sought US guarantees that sanctions imposed for its invasion wouldn’t affect its planned partnership with the OPEC producer. Iran carried out a missile strike in Iraq following the breakdown of negotiations.West Texas Intermediate for April delivery lost 2.3% to $106.
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