Oil edges higher on continued US-Iran nuclear talks

Oil prices climbed Friday as markets responded to ongoing diplomatic negotiations between the United States and Iran, coupled with a significant U.S. military buildup in the Middle East that kept traders on edge over potential supply disruptions.

International benchmark Brent crude climbed above $72 per barrel, while U.S. benchmark West Texas Intermediate (WTI) hovered near $66, supported by geopolitical risk premiums tied to uncertainty around the talks and fears of conflict affecting exports through key shipping routes, News.Az reports, citing Bloomberg.

A person familiar with the U.S. position said the U.S. delegation left the latest round of nuclear discussions in Geneva disappointed with the pace of progress, though Iranian officials and mediators from Oman expressed a more positive outlook. The two sides agreed to resume technical-level negotiations next week.

Adding to the geopolitical support for oil, the U.S. Department of State authorized the departure of non-emergency staff and family members from Mission Israel, citing “safety risks” amid escalating regional tensions.

Prices have been elevated since the start of the year as concerns about a potential strike on Iran — and the resulting disruption to oil flows from the Middle East — have helped offset broader expectations of a global supply glut. Traders are also watching an upcoming OPEC+ meeting on Sunday, which could influence future production decisions against this backdrop of uncertainty.

News.Az 

By Nijat Babayev