Oil Prices Fall After Iran Confirms Negotiations with US Will Held on Friday
Oil prices fell for the first time in three days after Iran confirmed it would hold negotiations with the United States on Friday in Oman. This assurance somewhat eased the risk of a military strike on Iran—a major OPEC producer—which had recently boosted the risk premium in the oil market.
The WTI contract weakened toward $64 per barrel, after posting a combined gain of around 4.8% in the previous two sessions. Meanwhile, Brent closed near $69 in Wednesday trading.
Iranian Foreign Minister Abbas Araghchi confirmed in a social media post that the meeting would take place in Oman, clarifying the location of the talks, which had been unclear. However, differing positions on the parameters of the negotiations make the chances of a quick agreement unclear, especially amid tensions in the region that supplies about a third of the world's crude oil.
This situation keeps the risk premium attached to oil prices. This year, oil has begun to rebound after being depressed in the second half of 2025, when the market was overshadowed by indications of a growing global supply surplus.
Market Focus: Ukraine, Russia, and Energy
Market participants are also monitoring developments in the Ukraine peace talks. Ukrainian President Volodymyr Zelenskiy said the process could be impacted by a Russian attack on Ukraine's energy infrastructure. He also called on US President Donald Trump to provide additional weapons to pressure Moscow to end the war.
US Stockpiles Fall, But Not as Deep as Expected
On a fundamental level, EIA data showed US crude oil inventories fell to their lowest level in a month, although the decline was smaller than initial market expectations for a larger decline.
Latest Prices:
WTI (March delivery): down 1.1% to $64.40/barrel (7:51 a.m., Singapore)
Brent (April settlement): closed up 3.2% to $69.46/barrel on Wednesday. (asd)
Source: Newsmaker.id
