Oil Rebounds as US-Iran Negotiations Heat Up
Oil prices rallied on Thursday (February 26th) after signs emerged that US-Iran nuclear talks remain tense. Risk sentiment rebounded as the market assessed that escalation—including the potential for military conflict—could disrupt supplies from Iran, an OPEC member.
West Texas Intermediate (WTI) crude held above $65 per barrel, reversing an intraday decline of 2.8%. This move came after Iranian state media reported that Tehran would not allow enriched uranium to leave the country, a sensitive issue that could hinder a compromise in negotiations.
Prices had weakened earlier in the session after an Omani official—who is acting as a mediator—said “creative and positive ideas” had been exchanged. However, with both sides postponing the meeting for a break and discussions scheduled to resume later in the day, the market refocused on the risk of a deadlock ahead of US President Donald Trump’s deadline for reaching a deal.
At 10:43 a.m. New York time, WTI for April delivery rose 0.90% to $66.01/barrel, while Brent for April settlement gained 1.3% to $71.75/barrel. Market focus now turns to further headlines from Geneva—as any "hard" signals from either party could increase risk premiums and drive short-term price volatility.
Source: Newsmaker.id
