Oil Holds, US-Iran Agree to Continue Round in Vienna
Oil prices held steady after the United States and Iran reached an agreement to resume nuclear talks next week, following a round of discussions on Thursday. Although the diplomatic path remains open, the market remains cautious as the massive US troop deployment in the Middle East keeps a risk premium attached to prices.
WTI traded around $65 per barrel after closing virtually unchanged on Thursday, while Brent settled below $71. Iran described the Geneva talks as showing good progress. However, sources familiar with the US position said the American delegation left the meeting dissatisfied. Both sides agreed to meet again in Vienna.
Tensions remain a key factor. President Donald Trump ordered the largest US military deployment in the Middle East since the second Gulf War in 2003 and again threatened strikes if a deal is not reached, although he has also signaled a preference for a diplomatic solution. This risk of escalation is what makes the market reluctant to abandon its hedging completely.
In Asian trading, WTI for April delivery was recorded at around $65.29 per barrel at 7:33 a.m. Singapore time. Meanwhile, Brent for April settlement—the contract that expires Friday—closed little changed at $70.75 per barrel on Thursday. (alg)
Source: Newsmaker.id