Oil Prices Reduce as US-Iran Extend Nuclear Talks
As OPEC+ contemplates restarting output increases at Sunday’s meeting, oil prices fell on Friday and headed for a weekly fall as the United States and Iran prolonged nuclear talks, easing supply concerns.
According to market data, U.S. West Texas Intermediate (WTI) dropped 1 cent to $65.20 and Brent oil futures lost 5 cents to $70.70 a barrel as of 0331 GMT.
WTI was expected to drop around 2.2% for the week, retracing some of the gains from the previous week, while Brent was headed for a 1.8% dip.
Despite the impending production strategy choices from OPEC+, oil markets responded to Washington and Tehran’s increased diplomatic engagement. The week’s price volatility demonstrated how susceptible oil benchmarks are to geopolitical news.
- Brent crude fell to $70.70 per barrel, down 5 cents in early Friday trading.
- U.S. West Texas Intermediate traded at $65.20 per barrel, losing 1 cent.
- On a weekly basis, Brent was set to decline 1.8%, while WTI faced a 2.2% drop.
- Nigeria’s Bonny Light traded around $71 per barrel, down 0.7% from $72.3 on MondayThe United States and Iran held indirect talks in Geneva on Thursday aimed at resolving their long-running nuclear dispute and preventing further escalation in the region.
- The diplomatic engagement followed a military build-up ordered by U.S. President Donald Trump, heightening earlier concerns about possible supply disruptions.
- Several reports indicated that negotiations faced hurdles over U.S. demands for zero uranium enrichment by Iran.
- Washington also reportedly insisted that Iran deliver all 60% enriched uranium to the United States.
