Oil prices near seven-month highs ahead of US-Iran talks

Oil prices hovered near seven-month highs on Wednesday as investors remained focused on the risk of military conflict between the United States and Iran, ahead of fresh diplomatic talks scheduled for Thursday.

Brent crude futures rose 43 cents, or 0.6%, to $71.20 per barrel at 0400 GMT. U.S. West Texas Intermediate (WTI) gained 38 cents, also up 0.6%, to $66.01 per barrel, News.Az reports, citing Reuters.

Brent prices reached their highest level since July 31 last week, while WTI climbed to its strongest mark since August 4 earlier this week. Both benchmarks have held close to those peaks as Washington increased its military presence in the Middle East, aiming to pressure Tehran into negotiations over its nuclear and ballistic missile programs.

Market participants remain concerned that a prolonged conflict could disrupt oil supplies from Iran — the third-largest crude producer within the Organization of the Petroleum Exporting Countries — as well as from other producers across the strategically vital Middle East region.

Diplomatic efforts are continuing, with U.S. envoys Steve Witkoff and Jared Kushner scheduled to meet an Iranian delegation for a third round of talks in Geneva on Thursday.

Iran’s Foreign Minister Abbas Araqchi said Tuesday that an agreement with the United States was “within reach,” but stressed that progress would depend on diplomacy taking priority.

News.Az 

By Nijat Babayev